FPX Nickel Endorsed by New Corporate Strategic Investor explains CEO Martin Turenne
FPX Nickel (TSXV:FPX; OTC:FPOCF) CEO Martin Turenne explains the just-announced endorsement of the company’s Baptiste Nickel Project in central British Columbia by a new corporate strategic investor. Via a private placement, FPX will issue 24,000,000 common shares in the capital of the Company to the Strategic Investor at a price of $0.50 per Common Share, for gross proceeds of $12 million which is a approximately 27% premium to market. Upon completion of the Private Placement, the Strategic Investor will own approximately 9.95% of FPX’s issued and outstanding Common Shares on a non-diluted basis.
“This is a transformational investment for FPX, providing important support for the continued development of our large-scale, low-cost, and low-carbon Baptiste Nickel Project (the “Project”) in central British Columbia,” commented Martin Turenne, FPX’s President and CEO. “Prior to making the investment, the Strategic Investor conducted multi-functional technical reviews and a Project site visit, and we believe the Private Placement represents a significant endorsement of the Project and our approach to project development. On closing of the Private Placement, the Company will have a working capital position of approximately $18.5 million, which will permit the Company to fully fund the completion of a preliminary feasibility study in the second half of 2023 and fund subsequent project development activities well into 2024.”
0:00 Introduction
1:03 New Corporate Strategic Investor
3:23 Significance of Multiple groups vetting Baptist Nickel Project
4:52 Four main industrial players in EV supply chain
6:59 Treasury
7:45 US Defense Dept might fund Canadian mining projects
11:45 FPX Nickel argument for undervaluation
13:53 CO2 Lock Corp.
15:38 Van Target results
16:29 Baptist deposit updated MRE
