Exploration and development company FPX Nickel has closed the private placement financing with new cornerstone investor Sumitomo Metal Mining, raising C$14.45-million.
The proceeds of the private placement will be used for exploration and development activities at its Baptiste nickel project, ongoing environmental baseline activities, feasibility study readiness activities and general corporate and administrative purposes.
The Baptiste project is the focus of FPX Nickel’s Decar district, covering 245 km2 west of the Middle river and north of Trembleur Lake in central British Columbia.
Since 2010, about $30-million has been spent on the exploration and development of Decar.