FPX Nickel Announces Closing of $ 4.93 Million Private Placement and Settlement of Long-Term Debt for Equity
VANCOUVER, British Columbia, October 21, 2020 (GLOBE NEWSWIRE) – FPX Nickel Corp. (FPX-TSX.V) (“FPX“or the”Society“) is pleased to announce that it has closed its previously announced non-brokered private placement of 8,963,636 shares at $ 0.55 per share for gross proceeds of $ 4,930,000 (the”Offer“).
Finder’s fees of $ 135,210 were paid on a portion of the proceeds of the offering. A director of the Company subscribed for 200,000 shares for gross proceeds of $ 110,000.
Concurrent with the closing of the offering, and as announced in the Company’s press release dated October 7, 2020, the Company issued 7,750,037 common shares of the Company at a price of $ 0.55 per share in settlement ( the “Debt conversion“) principal and interest of $ 4,262,521 due on the long-term loan made to the Company by its President Peter Bradshaw (the” “Bradshaw loan“). Upon completion of the debt conversion, the Bradshaw loan was extinguished.
The closing of the offering and the debt conversion follow the receipt of the conditional acceptance of the TSX Venture Exchange (“To exchange“). In the coming days, FPX will submit the necessary documentation to allow the Exchange to issue its final acceptance of the offer and the debt conversion. The Company expects to receive Final Acceptance shortly thereafter.
All securities issued under the Offer and the Debt Conversion will be subject to a four (4) month holding period expiring on February 20, 2021. The proceeds of the Offer will be used for the advancement of the Decar. The Company’s flagship Nickel District in central Britain. Columbia, including drilling at the Baptiste deposit, an initial drilling program at the Van target, metallurgical and market testing of nickel-based products for the stainless steel and electric vehicle battery markets, and general working capital purposes.
On FPX Nickel Corp.
On behalf of FPX Nickel Corp.
Martin Turenne, President, Chief Executive Officer and Director
Some of the statements made and information contained in this document are considered “forward-looking information” within the meaning of applicable Canadian securities laws. These statements relate to future events and conditions and therefore involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulatory authorities. 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 Exchange nor its RegulThe ation service provider accepts responsibility for the adequacy or accuracy of this release.