VANCOUVER, BC–(Marketwired – May 31, 2017) –
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
FPX Nickel Corp. (TSX VENTURE: FPX) (“FPX” or the “Company“) is pleased to report that it has closed its previously announced non-brokered private placement for gross proceeds of $1,146,600 (the “Offering“). The Company expanded the originally announced private placement from 8,300,000 shares to 11,466,000 shares for gross proceeds of $1,146,600 (see FPX’s news releases dated May 15 and 26, 2017).
The proceeds raised from the Offering will be used by FPX for a minimum 2,000-metre step-out drilling program to test the southeast extension of the Baptiste deposit at the Company’s flagship Decar nickel project, and for general working capital purposes. The timing and scope of the proposed drilling program is subject to receipt of necessary permits.
The closing follows receipt of Conditional Acceptance of the Offering from the TSX Venture Exchange (“Exchange“). Within the next several days, FPX will be submitting the documentation needed the enable the Exchange to issue its Final Acceptance of the Offering. The Company anticipates receiving Final Acceptance shortly thereafter.
In closing the financing, the Company has issued 11,466,000 shares priced at $0.10 per share. Finder’s fees of $9,300 were paid on a portion of the proceeds. An insider of the Company subscribed for 3,750,000 shares for gross proceeds of $375,000.
All securities issued under this Offering are subject to a hold period of four months and a day from the closing date.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy Project, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite. For more information, please view the Company’s website at www.fpxnickel.com.
On behalf of FPX Nickel Corp.
“Martin Turenne”
Martin Turenne, President and CEO
Forward-Looking Statements
Certain of the statements made and information contained herein is considered “forward-looking information” within the meaning of applicable Canadian securities laws. 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 from those currently projected. The Company does not assume the obligation to update any forward-looking statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Martin Turenne
President and CEO
(604) 681-8600
www.fpxnickel.com
