Nican arranges $1.4-million private placement

Executive Summary

• Nican Ltd. announces a non‑brokered private placement targeting up to $1.4 million in gross proceeds, with an optional upsizing of up to an additional $350 k (total ~ $1.75 million).
• Units are priced at C$0.05 each and consist of hard‑dollar units (common share + warrant) and flow‑through units (common share + warrant), with warrants exercisable at C$0.06 per share for 24 months (or accelerated if TSX‑V price ≥ C$0.18 for 20 days).
• Proceeds from flow‑through units will be used to fund eligible Canadian exploration expenses on Manitoba nickel projects (to be renounced by Dec 31 2025); hard‑dollar proceeds are earmarked for general working capital.

Key Details

• Offering Size: Maximum aggregate gross proceeds of up to C$1.4 million; optional upsizing up to an additional C$350 k, bringing potential total gross proceeds to ≈ C$1.75 million (35 million units).
• Unit Pricing: Both hard‑dollar and flow‑through units priced at C$0.05 per unit.
• Hard‑Dollar Unit Composition: 1 common share + 1 common share purchase warrant; warrant exercise price C$0.06 per share, exercisable for 24 months post‑closing.
• Flow‑Through Unit Composition: 1 common share (qualifying flow‑through) + 1 warrant; same warrant terms as hard‑dollar units.
• Warrant Acceleration Clause: If TSX‑V VWAP ≥ C$0.18 for 20 consecutive trading days, warrants may be accelerated to expire 30 days after written notice.
• Use of Proceeds – Flow‑Through Units: To incur eligible Canadian exploration expenses (flow‑through critical mineral mining expenditures) on Manitoba nickel projects; renounce qualifying expenditures to subscribers by Dec 31 2025; expenses must be incurred by Dec 31 2026.
• Use of Proceeds – Hard‑Dollar Units: General working capital purposes.
• Closing Date: Expected on or about 8 Oct 2025, subject to regulatory and exchange approvals.
• Hold Period: All securities issued will be subject to a four‑month‑plus‑one‑day hold period under Canadian securities law.
• Finder’s Fees: Company may pay eligible finders in accordance with TSX‑V policies.
• Related Party Participation: Certain directors and officers may participate; transaction qualifies as a related‑party transaction under MI 61‑101, but exemptions from minority shareholder approval and formal valuation are expected because fair market value and consideration will not exceed 25 % of market cap.

Notable Quotes

(No executive quotes were provided in the release.)