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Financings

First Atlantic Nickel Reports $1,977,600 in Warrant Exercise Proceeds; All $0.20 Warrants Now Expired

By The Northwire Desk — AI Analysis Feb 03, 2026 · 20:30 FAN · 0.23 First Atlantic Nickel & Cobalt Corp.
FAN · Price

Executive Summary

  • First Atlantic Nickel Corp. received total gross proceeds of $1,977,600 from the exercise of warrants and Finder’s Units related to its February 2023 financing.
  • The company announced a non‑brokered private placement of up to 16,666,667 common shares at $0.18 per share, targeting gross proceeds of up to $3,000,000.
  • Proceeds are earmarked for advancing the Pipestone XL and Ophiolite‑X projects, satisfying option payment obligations, maintaining mineral claims, and covering general & administrative expenses over the next twelve months.

Key Details

  • Warrant Exercise (Feb 2023 financing):
  • Total gross proceeds: $1,977,600.
  • 9,430,000 warrants exercised for $1,886,000 (including 6,810,000 exercised in Jan 2026 for $1,362,000).
  • 332,000 Finder’s Units exercised for $33,200, issuing an equal number of Finder’s Warrants.
  • 292,000 Finder’s Warrants exercised for $58,400.

  • Total 2026 proceeds from Finder’s Units & Warrants: $62,400.

  • Outstanding Warrants: After expiry on Feb 2 2026, only 210,000 warrants remain outstanding company‑wide, reducing dilutive overhang.

  • Private Placement Offering:

  • Type: No‑warrant, non‑brokered private placement of common shares.
  • Price per share: $0.18.
  • Maximum gross proceeds: $3,000,000.
  • Approximate number of shares to be issued: 16,666,667.

  • Offering conducted under NI 45‑106 Listed Issuer Financing Exemption (Canada, except Quebec) and applicable U.S. and other foreign exemptions.

  • Use of Proceeds:

  • Advance Pipestone XL and Ophiolite‑X projects.
  • Satisfy related option payment obligations.
  • Maintain and manage mineral claims & properties.

  • Investor relations, general & administrative expenses, and unallocated working capital for the next twelve months.

  • Closing Timeline: Offering to close in tranches; final closing no later than Feb 27 2026, subject to regulatory approvals (including TSX Venture Exchange). No finder's fees payable.

  • Regulatory Notes: Shares not expected to be subject to a statutory hold period under Canadian law; U.S. investors only via applicable exemptions.

Notable Quotes

(No direct quotes provided in the release.)

Read the original news release →

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