First Atlantic closes $833,410 tranche of financing

Executive Summary

• First Atlantic Nickel Corp. has closed the second and final tranche of its non-brokered, no-warrant private placement under the Listed Issuer Financing Exemption (LIFE).
• The strategic investor exercised top-up rights to maintain a 9.9% ownership stake, resulting in the issuance of additional shares in this final tranche.
• The total gross proceeds from the entire offering amount to $3.9 million, with the final tranche contributing $833,410.44.

Key Details

• Transaction Structure: Non-brokered, no-warrant private placement under the LIFE exemption (National Instrument 45-106, Part 5A).
• Final Tranche Details:
  • Issued 4,630,058 common shares.
  • Price: $0.18 per common share.
  • Gross Proceeds: $833,410.44.
  • Commissions/Finders' Fees: None.
• Total Offering Details:
  • Total Shares Issued: 21,666,667 common shares.
  • Total Gross Proceeds: $3.9 million.
• Strategic Investor Participation: A strategic investor exercised top-up rights under an investor rights agreement to maintain its ownership interest at up to 9.9% of the company's issued and outstanding common shares on a post-closing basis.
• Use of Proceeds:
  • Advancing company projects, specifically Pipestone XL and Ophiolite-X.
  • Satisfying related option payment obligations.
  • Maintaining and managing mineral claims and properties.
  • Investor relations, general and administrative expenses.
  • Unallocated working capital for the next 12 months.
• Regulatory Status: The closing is subject to receiving all necessary regulatory approvals, including approval from the TSX Venture Exchange.
• Trading Symbols: FAN (TSX-V), FANCF (OTCQB), P21 (Frankfurt and Tradegate).

Notable Quotes

• No direct quotes from the CEO or President were included in the provided text.