FPX Nickel Sees Strategic Investors Re-Up Ownership For $4.3 Million In Proceeds
FPX Nickel (TSXV: FPX) is reporting continued commitment from its strategic investors, whom have re-upped their position in the company following a financing conducted in January.
The company has seen three strategic shareholders exercise participation rights to maintain their initial ownership interest in the nickel explorer. The exercise has resulted in additional proceeds of $4.3 million at $0.48 per share for the company.
The additional investments consist of an unnamed corporate strategic investor, who spent $1.9 million to maintain their 9.95% interest, as well as Outokumpu Oyj, who spent $2.0 million to maintain a 9.9% interest, and Sumitomo Metal Mining Canada, who spent $0.4 million to maintain its 9.9% interest.
The three strategic investors collectively own a 29.75% stake in FPX, with management and high-net worth individuals estimated to hold a further 33% interest in the company.
Post-financing, the company is said to have cash on hand of $45.0 million, which is expected to fund planned developments for 2024 as well as 2025.
FPX Nickel last traded at $0.32 on the TSX Venture.
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