FPX Nickel Corp. V.FPX

Todays news release,

[MrDales62]

FPX Nickel Announces $14.4 Million Strategic Equity Investment from Major Global Nickel Producer Sumitomo Metal Mining

V.FPX | 29 minutes ago

VANCOUVER, BC, Jan. 17, 2024 /CNW/ - FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) ("FPX" or the "Company") is pleased to announce that it has entered into a subscription agreement for a 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").

Under the terms of the Private Placement, FPX will issue 30,104,488 common shares ("Private PlacementCommon 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. Upon completion of the Private Placement, SMCL will own 9.9% of FPX's issued and outstanding common shares on a non-diluted basis.

Nice price too.
GLTA

[thegreennugget]

You would think that they would have saved themselves alot of money and helped out the shareholders by buying the shares on the open market. That';s what Marty had said earlier, that they would'nt have to do another PP. Share holders are slowly getting zippo for their shares.

[N3tPr0phet]

I would imagine that a lot of these majors have gotten a look behind the curtains during negotiations, accompanied by an NDA and an agreement that forbids market buying. Martin said they'd never have to deal with Bay St financing again, not that the company would never need to raise capital. Not thrilled about raising seemingly unneeded funds, but a 70% premium with the endorsement of