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Financings

First Atlantic increases private placement to $3.9M

By The Northwire Desk — AI Analysis Feb 13, 2026 · 04:47 FAN · 0.22 First Atlantic Nickel & Cobalt Corp.
FAN · Price

Executive Summary

  • First Atlantic Nickel Corp. upsized its non‑brokered private placement (“LIFE” offering) to up to 21,666,667 common shares at C$0.18 per share, targeting gross proceeds of up to C$3.9 million.
  • The strategic investor will increase its stake to a maximum of 9.99 % of the company under top‑up rights.
  • Concurrently, the company closed asset purchase agreements acquiring 100 % of an 18‑licence, 500‑claim mineral portfolio (the Ophiolite‑X project) in western Newfoundland, issuing 4.71 million common shares as consideration and assuming NSR royalties with repurchase options.

Key Details

  • Offering Size & Price
  • Up to 21,666,667 common shares
  • Issue price: C$0.18 per share

  • Expected gross proceeds: up to C$3.9 million

  • Strategic Investor Participation

  • Exercise of top‑up rights under investor rights agreement

  • Ownership interest post‑offering: up to 9.99 %

  • Regulatory Framework

  • Offered pursuant to NI 45‑106 Part 5A (listed issuer financing exemption) and Coordinated Blanket Order 45‑935

  • Shares not subject to statutory hold period in Canada; U.S. and other jurisdictions offered under applicable exemptions

  • Closing Timeline

  • First tranche of the LIFE offering expected to close on or about Feb 18, 2026, pending regulatory approvals (including TSX Venture Exchange).

  • Use of Proceeds

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

  • Cover investor relations, G&A expenses, and unallocated working capital for the next 12 months

  • Asset Purchase Agreements (Ophiolite‑X)

  • Acquired 100 % undivided interest in 18 mining licences comprising 500 mineral claims in the Blow Me Down and Lewis Hills massifs (Bay of Islands ophiolite complex, Newfoundland)

  • Consideration: issuance of 4.71 million common shares (subject to a four‑month‑plus‑one‑day statutory hold period)

  • Royalty Structure

  • Two licences (26 claims): 2.5 % NSR, with option to repurchase up to 1.5 % for C$1 million before commercial production, leaving 1.0 % NSR thereafter

  • Remaining sixteen licences (474 claims): 2.0 % NSR, with option to repurchase up to 1.0 % for C$1 million before commercial production, leaving 1.0 % NSR thereafter

  • Project Branding & Potential

  • New strategic land position branded “Ophiolite‑X”

  • Multicommodity potential: natural and stimulated hydrogen, carbon capture & storage, awaruite (Ni‑Fe‑Co alloy), chromite, cobalt, copper, PGEs

  • Share Listings

  • TSX Venture Exchange – FAN
  • OTCQB – FANCF
  • German exchanges (Frankfurt, Tradegate) – P21

Notable Quotes

(No direct quotes were provided in the release.)

Read the original news release →

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