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Another Canadian nickel company receives major backing

Kitco Media
By Michael McCrae
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Kitco News - FPX Nickel (TSX-V: FPX) said today it received $14 million investment from Sumitomo Metal Mining Canada.

FPX is issuing 30,104,488 common shares to Sumitomo at 48 cents per share which will give Sumitomo 9.9% of FPX’s issued and outstanding common shares on a non-diluted basis.

“This strategic investment by Sumitomo Metal Mining represents another significant technical validation of FPX’s Baptiste Nickel Project, and underscores our view that Baptiste is a class-leading asset,” commented Martin Turenne, FPX’s President and CEO. 

FPX has gained 11% in the past five days to trade at 30 cents. 

FPX is not the only Canadian-focused nickel company announcing backing by the majors. Over the past 30 days Canada Nickel has added Agnico Eagle Mining and Samsung SDI as major investors. Canada Nickel is advancing its Crawford nickel-cobalt project in Ontario. 

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Michael McCrae

Michael McCrae is leading Kitco's coverage of the mining sector. McCrae, who has both an MBA and CMA, knows how to build digital media properties. He was co-founder and publisher of MINING.com, an award-winning news site. Before coming to media, McCrae worked in IT and banking. Please reach out: mmccrae@kitco.com or (514) 670-1383. You can also follow him at @michaelmccrae.

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