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VANCOUVER, BC, Aug. 1, 2024 /CNW/ - FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) ("FPX Nickel" or the "Company") is pleased to announce that it has engaged the services of ICP Securities Inc. ("ICP") to provide market making services (the "Services"), including use of its proprietary algorithm, ICP PremiumTM, in compliance with the policies and guidelines of the TSX Venture Exchange (the "Exchange") and other applicable legislation.
Pursuant to the market-making agreement (the "Agreement") entered into between the Company and ICP, in exchange for providing the Services, ICP will receive a fee of C$7,500 plus applicable taxes per month, payable monthly in advance, to be paid from funds the Company has allocated from its current working capital. The Agreement is for an initial term of four (4) months (the "Initial Term") and shall be automatically renewed for subsequent one (1) month terms (each subsequent one-month term called an "Additional Term") unless either party provides at least thirty (30) days written notice prior to the end of the Initial Term or an Additional Term, as applicable. ICP does not have any interest, directly or indirectly, in FPX Nickel or its securities or any right or intent to acquire such an interest at this time; however, ICP and its clients may acquire an interest in the securities of the Company in the future. There are no performance factors contained in the agreement and no stock options or other compensation are being granted in connection with the engagement.
ICP is an arm's length party to the Company. ICP's market making activity will be primarily to correct temporary imbalances in the supply and demand of the Company's shares. ICP will be responsible for the costs it incurs in buying and selling the Company's shares, and no third party will be providing funds or securities for the market making activities.
ICP Securities Inc.
ICP Securities Inc. (ICP) is a Toronto-based CIRO dealer-member that specializes in automated market making and liquidity provision, as well as having a proprietary market making algorithm, ICP PremiumTM, that enhances liquidity and quote health. Established in 2023, with a focus on market structure, execution, and trading, ICP has leveraged its own proprietary technology to deliver high quality liquidity provision and execution services to a broad array of public issuers and institutional investors.
About the Decar Nickel District
The Company's Baptiste Nickel Project represents a large-scale greenfield discovery of nickel mineralization in the form of a sulphur-free, nickel-iron mineral called awaruite (Ni3Fe) hosted in an ultramafic/ophiolite complex. The Baptiste mineral claims cover an area of 408 km2, west of Middle River and north of Trembleur Lake, in central British Columbia. In addition to the Baptiste Deposit itself, awaruite mineralization has been confirmed through drilling at several target areas within the same claims package, most notably at the Van Target which is located 6 km to the north of the Baptiste Deposit. Since 2010, approximately US $30 million has been spent on the exploration and development of Baptiste.