08:54 AM EDT, 05/20/2025 (MT Newswires) -- FPX Nickel ( FPOCF ) on Tuesday provided commercial milestones that its self-funding unit CO2 Lock achieved in recent months.

The company said CO2 Lock signed preliminary agreements like a letter of intent with Cielo Carbon Solutions and Carbon Quest, a memorandum of understanding with Ionada Carbon Solutions and a letter of intent with a leading carbon marketplace platform.

CO2 Lock also recently completed the final $600,000 tranche of its latest funding round, which raised a cumulative total of $1.7 million through a Simple Agreement for Future Equity from third-party investors. In connection with the closing of the SAFE round, FPX and CO2 Lock agreed to a restructuring of CO2 Lock's capital structure such that FPX's undiluted ownership interest in CO2 Lock has been reduced from near 88% to 30%.

"This restructuring better positions CO2 Lock to seek additional funding from third party investors going forward, while ensuring that FPX retains a meaningful ownership interest in CO2 Lock and enduring rights to utilize CO2 Lock's intellectual property for the benefit of FPX's own properties," FPX said.