Mr. Martin Turenne reports

FPX NICKEL ANNOUNCES PRIVATE PLACEMENT AND SETTLEMENT OF LONG-TERM DEBT FOR EQUITY

FPX Nickel Corp. has arranged a non-brokered private placement to raise gross proceeds of up to $3.2-million. The offering will consist of up to 5,818,181 common shares at 55 cents per share in the capital stock of the company.

The proceeds raised from the offering will be used for the advancement of the company's flagship Decar nickel district in central British Columbia, including drilling at the Baptiste deposit, a maiden drilling program at the Van target, metallurgical and market testing of nickel products for the stainless steel and electric vehicle battery markets, and for general working capital purposes.

Concurrent with the offering, the company intends to convert the full amount of principal and interest owing on the long-term loan provided to the company by its chairman, Peter Bradshaw, totalling approximately $4,262,521, into 7,750,037 common shares of the company at a price of 55 cents per share. The terms of Mr. Bradshaw's loan are described in the company's news release dated Sept. 4, 2019. On completion of the debt conversion, Mr. Bradshaw's loan will be extinguished.

All the securities issued pursuant to the offering and debt conversion will be subject to a four-month hold period. Completion of the offering and debt conversion is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange. The company may pay finders' fees on a portion of the offering, subject to compliance with the policies of the TSX Venture Exchange and applicable securities legislation.

The debt conversion constitutes a related-party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions -- as Mr. Bradshaw is a related party of FPX Nickel given his role as company chairman and his greater-than-10-per-cent beneficial shareholding in the company. Pursuant to sections 5.5(a) and 5.7(1)(a) of MI 61-101, the company is exempt from obtaining a formal valuation and minority approval of the company's shareholders in respect of the debt conversion due to the fair market value of the debt conversion being below 25 per cent of the company's market capitalization.

About FPX Nickel Corp.

FPX Nickel is focused on the exploration and development of the Decar nickel district, located in central British Columbia, and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.

We seek Safe Harbor.