FPX Nickel Corporation Subsidiary CO2 Lock Corp Closes $1.1 Million Financing and Provides Technical Update on Standalone Carbon Capture and Storage (CCS) Project in British Columbia
FPX Nickel Corporation (“FPX Nickel” or the “Company”) is pleased to announce that its wholly-owned subsidiary, CO2 Lock Corporation (“CO2 Lock”) has closed the non-brokered private placement for gross proceeds of $1,094,688. The financing consisted of 2,945,318 units (each, a “Unit”) at a price of $0.37 per Unit.
Concurrent with the private placement, CO2 Lock has acquired a second patented objective carbon capture process that was developed by the David B. Smith Research Group at Queen’s University.
The Company intends to use the proceeds to further support the development of the integrated Nickel Project in British Columbia’s Stillwater area.
CO2 Lock also provided an update on its standalone CCS project located at the same site, including a concept layout and the expected operational timeline. This carbon capture project is being developed in partnership with the Petroleum Innovation Network of Alberta (PINRA), a group of industry participants leading CCS innovation in Alberta, and the Oil Sands Innovation Alliance (OSIA). In addition, CO2 Lock is in discussions with the Government of Alberta regarding the potential for additional funding for the project.
CO2 Lock’s proprietary technology for greenhouse gas reduction and carbon utilization is based on industrial-scale chemical methods that are applied directly at the emitters without the need for expensive and inefficient capture processes. CO2 Lock’s approach is expected to enable customers to reduce their emissions at a much lower costs than existing solutions while demonstrating a powerful return on investment.
In another milestone achieved since the announcement of the separately announced financing, CO2 Lock has contracted for additional resource assessments to be completed by independent professional engineers. These assessments will contribute to the design and optimization of the proposed CCS project to ensure the most efficient operational processes are identified.
Erwin Prior, President and CEO of FPX Nickel stated, “I am extremely pleased with the ongoing progress CO2 Lock has made since its initial funding announcement in the summer of 2020. We have now achieved several interrelated milestones that comprise the foundation for our CCS project in British Columbia. In particular, the addition of a second patented objective carbon capture process from Queen’s University and additional support from the Government of Alberta, solidifies our CCS project as a viable solution for our customers and for the Company.”
CO2 Lock’s CCS process is expected to be certified as a clean technology product and to receive industry accolades for its use of cutting-edge technology to address a significant global challenge. The company plans to continue its research and development activities in order to produce reliable and cost-effective carbon capture and storage solutions for its customers.
FPX Nickel is a Canadian resource company focused on the development of its nickel-cobalt-platinum group element (PGE) Project located in British Columbia. The Company’s objective is to become a fully integrated producer of low cost nickel, cobalt, and PGEs in the coming years.
FPX Nickel has fully committed to the development of a CCS project as an integral part of its Nickel Project in order to reduce the carbon emissions generated by its operations and to demonstrate its commitment to environmental sustainability.