First Atlantic Closes No-Warrant Non-Brokered Private Placement Financing to Advance Pipestone XL Atlantic Canada Nickel-Cobalt Alloy (Awaruite) Project

Executive Summary

• First Atlantic Nickel Corp. closed a non‑brokered private placement raising $1,300,000.32 from the sale of 4,814,816 flow‑through common shares at $0.27 per share.
• Proceeds are earmarked for large‑scale district drilling, expansion of the RPM zone, testing new drill targets, and advancing metallurgical recovery at the Pipestone XL Nickel‑Cobalt Alloy Project and Ophiolite X Project in Newfoundland.
• All shares are subject to a four‑month‑plus hold period and the offering remains pending final TSX Venture Exchange approval.

Key Details

• Offering structure: 4,814,816 flow‑through common shares; no warrants attached.
• Pricing: $0.27 per share on a flow‑through basis under the Canadian Income Tax Act.
• Gross proceeds: $1,300,000.32 (CAD).
• Hold period: Shares subject to a hold of four months and one day after closing.
• Regulatory condition: Closing contingent upon final approval from the TSX Venture Exchange.
• Use of proceeds:
• Conduct large‑scale district drilling across the 30 km strike length of Pipestone XL Project.
• Expand the RPM zone, test newly identified drill targets, and scale up metallurgical recovery and processing programs.
• Support exploration and development at both the Pipestone XL Nickel‑Cobalt Alloy Project and the Ophiolite X Project in Newfoundland.
• Qualifying expenditures: All eligible Canadian exploration expenses incurred before 31 Dec 2027 will be renounced to subscribers by 31 Dec 2026.

Notable Quotes

(No direct quotes were provided in the release.)