FPX Nickel Corp. announced a non-brokered private placement of 30,104,488 common shares at a price of CAD 0.48 per share for the gross proceeds of CAD 14,450,154 on January 17, 2024. The transaction will include participation from new investor, Sumitomo Metal Mining Co., Ltd. Upon completion of the Private Placement, the investor will own 9.9% of company?s issued and outstanding common shares on a non-diluted basis.

The Private Placement is expected to close on January 22, 2024 and is subject to certain customary conditions, including acceptance by the TSX Venture Exchange. The Private Placement Common Shares issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities laws. As a part of the transaction, the investor will now acquire 9.9% stake in the company.