FPX Nickel Closes $14.4 Million Strategic Equity Investment from Sumitomo Metal Mining
Suite 320 – 1155 West Pender Street
Vancouver, BC Canada V6E 2P4
Tel: 604.681.8600
e-mail: [email protected]
FPX Nickel Closes $14.4 Million Strategic Equity Investment from
Sumitomo Metal Mining
Vancouver, January 23, 2024 – FPX Nickel Corp. (TSX-V: FPX, OTCQB: FPOCF) (“FPX” or the
“Company”) is pleased to announce that it has closed the private placement financing (the “ Private
Placement”) with a new cornerstone strategic investor, Sumitomo Metal Mining Canada Ltd. (“SMCL”),
a wholly-owned subsidiary of Sumitomo Metal Mining Co., Ltd. (TSE: 5713) (“SMM”), as previously
announced in the Company’s January 17, 2024 news release.
Under the terms of the Private Placement, FPX has issued 30,104,488 common shares (“Private Placement
Common Shares”) in the capital of the Company to SMCL at a price of $0.48 per Private Placement
Common Share, for gross proceeds of $14,450,154. On completion of the Private Placement, SMCL now
owns 9.9% of FPX’s issued and outstanding common shares on a non-diluted basis.
January 22, 2024 MOU signing ceremony in Vancouver, Canada, featuring (left to right), Fazil Mihlar,
Deputy Minister, Ministry of Jobs, Economic Development & Innovation, Government of British
Columbia, Martin Turenne, President and CEO, FPX Nickel, Eiichi Fukuda, Executive Officer, General
Manager of Mineral Resources Division, Sumitomo Metal Mining, and Kohei Maruyama, Consul General
of Japan in Vancouver
The Company intends to use the net proceeds of the Private Placement primarily for exploration and
development activities at its Baptiste Nickel Project, continuance of ongoing environmental baseline
activities, feasibility study readiness activities, and general corporate and administrative purposes. The
Private Placement Common Shares issued pursuant to the Private Placement will be subject to a hold period
of four (4) months and one (1) day from the date of issuance in accordance with applicable securities laws.
In connection with the Private Placement, the Company has agreed to pay a cash advisory fee in the amount
of $578,006 (4% of the gross proceeds of the Private Placement) to RCI Capital Group Inc.
About the Decar Nickel District
The Company’s Decar Nickel District represents a large-scale greenfield discovery of nickel mineralization
in the form of a naturally occurring nickel -iron mineral called awaruite (Ni 3Fe) hosted in an
ultramafic/ophiolite complex. FPX’s mineral claims cover an area of 245 km 2 west of the Middle River
and north of Trembleur Lake, in central British Columbia. Awaruite mineralization has been identified in
several target areas within the ophiolite complex including the Baptiste Deposit and the Van Target, as
confirmed by drilling, petrographic examination, electron probe analyses and outcrop sampling. Since
2010, approximately US $30 million has been spent on the exploration and development of Decar.
Of the four targets in the Decar Nickel District, the Baptiste Deposit has been the focus of increasing
resource definition (a total of 99 holes and 33,700 m of drilling completed), as well as environmental and
engineering studies to evaluate its potential as a bulk-tonnage open pit mining project. The Baptiste Deposit
is located within the Baptiste Creek watershed, on the traditional and unceded territories of Tl’azt’en Nation
and Binche Whut’en, and within several Tl’azt’enne and Binche Whut’enne keyohs. FPX has conducted
mineral exploration activities to date subject to the conditions of agreements with First Nations and keyoh
holders.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel District, located in
central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron
mineralization known as awaruite. For more information, please view the Company’s website at
www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681 -8600 or
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and Director
Forward-Looking Statements
This news release may contain “forward-looking information” within the meaning of applicable Canadian
securities laws, including those describing FPX's future plans, and the expectations of management that a
stated result or condition will occur. These statements address future events and conditions and so involve
inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities
regulators. Actual results could differ materially from those currently projected by management at the time
of writing due to many factors the majority of which are beyond the control of FPX and its management.
In particular, this news release contains forward -looking statements pertaining, directly or indirectly, to
the following: the use o f proceeds of the Private Placement; potential business synergies as a result of
SMM’s investment in FPX; and the advancement of exploration and development activities at the Decar
Nickel District. Readers are cautioned that the foregoing list of risk fac tors should not be construed as
exhaustive. These statements speak only as of the date of this release or as of the date specified in the
documents accompanying this release, as the case may be. The Company assumes the obligation to update
any forward-looking statement except as expressly required by applicable securities law.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.