FPX Nickel Corp (TSX-V:FPX, OTCQB:FPOCF) said that it has closed its previously announced private placement financing with new strategic investor Sumitomo Metal Mining Canada, a wholly owned subsidiary of Sumitomo Metal Mining.
It issued 30,104,4888 shares to Sumitomo at $0.48 per share for proceeds of $14,450,154.
Proceeds from the financing will be used primarily for exploration and development activities at the company’s Baptiste nickel project, continuance of environmental baseline activities, feasibility study readiness activities, and general corporate and administrative purposes.