SOURCE: FPX Nickel Corp.

FPX Nickel Corp.

May 26, 2017 07:30 ET

First Point Minerals Announces Increase to Private Placement, Changes Name to FPX Nickel Corp. and Reports on Results of its AGSM

VANCOUVER, BC--(Marketwired - May 26, 2017) - First Point Minerals Corp. (TSX VENTURE: FPX)("First Point" or the "Company") is pleased to announce that as a result of positive investor response to its previously announced private placement offering of 8,300,000 common shares ("Common Shares") of the Company at a price of $0.10 per Common Share (the "Issue Price"), the Company has decided to increase the size of the offering to 11,466,000 Common Shares at the Issue Price, for aggregate gross proceeds of $1,146,600 (the "Private Placement").

The proceeds raised from the Offering will be used by First Point for a minimum 2,000-metre step-out drilling program to test the southeast extension of the Baptiste deposit at the Company's flagship Decar nickel project, and for general working capital purposes. The timing and scope of the proposed drilling program is subject to receipt of necessary permits.

The Private Placement is expected to close on or about May 31, 2017, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals, including acceptance by the TSX Venture Exchange.

The Company further announces the results of its annual general and special meeting ("AGSM") of shareholders held on May 25, 2017 in Vancouver. At the meeting, shareholders voted in favour of electing each of Peter M.D. Bradshaw, John B. Gammon, James S. Gilbert, John A. McDonald, William H. Myckatyn and Robert A. Watts as directors of the Company to hold office for the ensuing year. The shareholders also voted in favour of the appointment of auditors for the ensuing year, ratified and approved the Company's 10% Rolling Stock Option Plan and ratified and approved the conditional grant made on March 30, 2017 of 2,550,000 options to directors, officers and consultants, exercisable at a price of $0.10 per Common Share for a term of five years.

In addition, shareholders approved a special resolution to change the Company's name to FPX Nickel Corp. The change of the Company's name is effective May 25, 2017. The Company's Common Shares will continue to trade under the symbol "FPX" on the TSX Venture Exchange.

Martin Turenne, President and CEO, commented, "The name FPX Nickel reflects the Company's ongoing commitment to the development of Canada's next major nickel district at our flagship Decar project, and emphasizes our positioning as the most attractive pure-play nickel development company in the market."

About FPX Nickel Corp.

FPX Nickel Corp. is focused on the exploration and development of the Decar Nickel-Iron Alloy 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 www.fpxnickel.com or contact Martin Turenne, President and CEO, at (604) 681-8600.

On behalf of FPX Nickel Corp.

"Martin Turenne"
Martin Turenne, President and CEO

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

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