First Atlantic Nickel Closes Second and Final Tranche of Life Offering for Total Gross Proceeds of $3.9 Million; Strategic Investor Exercises Top-Up Right to Maintain 9.9% Ownership

Executive Summary

• First Atlantic Nickel Corp. closed the second and final tranche of its non‑brokered, no‑warrant private placement (“LIFE Offering”), issuing 4,630,058 common shares at $0.18 each for gross proceeds of $833,410.44.
• The total offering now amounts to 21,666,667 common shares for aggregate gross proceeds of $3,900,000, providing capital to advance the Pipestone XL and Ophiolite‑X projects and fund working capital for the next twelve months.
• A strategic investor exercised top‑up rights to maintain a maximum 9.9% ownership stake post‑closing.

Key Details

• Offering Structure: Non‑brokered, no‑warrant private placement (the “LIFE Offering”).
• Second Tranche Size: 4,630,058 common shares issued at $0.18 per share.
• Gross Proceeds – Second Tranche: $833,410.44.
• Total Shares Issued in LIFE Offering: 21,666,667 common shares.
• Total Gross Proceeds: $3,900,000.
• Strategic Investor Participation: Exercised top‑up rights under an investor rights agreement to keep ownership at up to 9.9% of outstanding common shares (post‑closing).
• Use of Proceeds:
• Advance Pipestone XL and Ophiolite‑X projects.
• Satisfy related option payment obligations.
• Maintain and manage mineral claims and properties.
• Fund investor relations, general & administrative expenses, and unallocated working capital for the next twelve months.
• Regulatory Exemption: Issuance relied on the listed issuer financing exemption under NI 45‑106 (Part 5A). Shares are freely tradeable under Canadian securities law.
• Closing Conditions: Subject to receipt of all required regulatory approvals, including TSXV acceptance.

Notable Quotes

(No direct quotes were provided in the release.)