VANCOUVER, BC, Dec. 2, 2024
/CNW/ - FPX Nickel Corp. (TSXV: FPX)
(OTCQB: FPOCF) ("FPX Nickel" or the
"Company") is pleased to announce that the Company's board
of directors has authorized a Normal Course Issuer Bid (the
"NCIB") to purchase for cancellation, from time to time, as
the Company considers advisable, up to 5,000,000 common shares
("Common Shares") of the Company, representing approximately
2% of the current public float of the Common Shares. The NCIB is
subject to approval of the TSX Venture Exchange
(the "Exchange"), and the Company has filed a notice of
intention with the Exchange in this regard.
"With a working capital position of $36.7
million as reported in our September
30, 2024 financial statements, FPX believes it is in a very
strong position to drive continued advancement at our flagship
Baptiste Nickel Project and to return capital to shareholders,"
stated Martin Turenne, the Company's
President and CEO. "We look forward to continued progress at
Baptiste in 2025, to advancing our global exploration joint venture
with JOGMEC, and to driving additional shareholder value through
the NCIB program."
Purchases of Common Shares will be made on the open market
through the facilities of the Exchange, in compliance with
regulatory requirements at the prevailing market price of the
Common Shares at the time of acquisition. The actual number of
Common Shares that may be purchased for cancellation and the timing
of any such purchases will be determined by the Company and
dependent on market conditions.
The Company intends to commence the NCIB because it believes
that the market price of its Common Shares is undervalued and does
not reflect the value of the Company's assets and future
prospectors and that the purchase of Common Shares under the NCIB
is in the best interest of the Company, a desirable use of its
available cash, and will enhance shareholder value in general.
Subject to receipt of Exchange approval, the NCIB is expected to
commence on or around December 5,
2024 and will end on the latest date that is 12 months after
commencement of the NCIB or at such earlier time as the NCIB is
completed or terminated at the option of FPX Nickel. The Company
has retained Cormark Securities Inc. as its broker to conduct the
NCIB on its behalf.
To the knowledge of the Company, no director, senior officer or
other insider of the Company currently intends to sell any shares
under the NCIB.
About FPX Nickel Corp.
FPX Nickel Corp. is focused on the exploration and development
of the Baptiste Nickel Project, located in central British Columbia, and other occurrences of the
same unique style of naturally occurring nickel-iron
alloy mineralization known as awaruite. For more information,
please view the Company's website
at https://fpxnickel.com/.
On behalf of FPX Nickel Corp.
"Martin Turenne"
Martin Turenne, President, CEO and
Director
Forward-Looking Statements
Certain of the
statements made and information contained herein is considered
"forward-looking information" within the meaning of applicable
Canadian securities laws. These statements address future events
and conditions and so involve inherent risks and uncertainties, as
disclosed in the Company's periodic filings with Canadian
securities regulators. Actual results could differ from those
currently projected. The Company does not assume the obligation to
update any forward-looking statement.
Certain information contained in this press release may
constitute forward-looking information under applicable securities
laws, including statements related to the Company's NCIB, including
the receipt of Exchange approval, the dates and duration of the
NCIB and the purchases of Common Shares made thereunder, the
continued advancement of Baptiste, return of capital to and driving
additional value to shareholders, advancing global exploration
joint venture and other statements that are not historical facts.
Often but not always, forward-looking statements can be identified
by the use of forward-looking terminology such as "may", "will",
"expect", "believe", "estimate", "plan", "could", "should",
"would", "outlook", "forecast", "anticipate", "foresee", "continue"
or the negative of these terms or variations of them or similar
terminology. This information is based on management's reasonable
assumptions and beliefs in light of the information currently
available to us and are made as of the date of this press
release.
Many factors could cause our actual results, level of
activity, performance or achievements or future events or
developments to differ materially from those expressed or implied
by the forward-looking statements, including, without limitation,
the factors discussed in the "Risk Factors" section of the
Company's annual information form dated April 26, 2024 for the year ended December 31, 2023 (the "AIF"). A copy of the AIF
and the Company's other publicly filed documents which can be
accessed under the Company's profile on SEDAR+ at www.sedarplus.ca.
In addition, there can be no assurance that the Company will
repurchase all or any of the Common Shares referred to in this
press release under the NCIB. In particular, the purchase by
the Company of Common Shares pursuant to the NCIB will depend,
among other, on the prevailing market price from time to time of
the Common Shares. There can also be no certainty that purchases of
Common shares under the NCIB will achieve the desired
objectives. In addition, the Company's expectations with respect to
Baptiste and its exploration joint venture may be different than
anticipated.
The Company cautions that the list of risk factors and
uncertainties described in the AIF and the Company's other publicly
filed documents is not exhaustive and other factors could also
adversely affect its results. Readers are urged to consider the
risks, uncertainties and assumptions carefully in evaluating the
forward-looking information and are cautioned not to place undue
reliance on such information. The forward-looking information
contained in this press release represents our expectations as of
the date of this press release (or as the date they are otherwise
stated to be made), and are subject to change after such date.
However, we disclaim any intention or obligation or undertaking to
update or revise any forward-looking information whether as a
result of new information, future events or otherwise, except as
required under applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
SOURCE FPX Nickel Corp.