Under the terms of the Private Placement, FPX has issued 26,800,000 common shares in the capital of the Company to Outokumpu at a price of C$0.60 per common share, for gross proceeds of C$16,080,000. Upon completion of the Private Placement, Outokumpu now owns approximately 9.9% of FPX’s issued and outstanding common shares on a non-diluted basis.

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