Fathom Nickel closes C$4 million private placement for drilling program

Fathom Nickel Inc. (CSE: FNI) completed the second and final tranche of its private placement, raising C$774,099 through the issuance of 24,970,947 non-flow through units at C$0.031 per unit. Combined with the first tranche, the company raised total gross proceeds of C$3,999,999.

The complete offering included 52,083,334 charity flow-through units at C$0.048 per unit for C$2,500,000 and 48,387,076 non-flow through units at C$0.031 per unit for C$1,499,999. Each unit consists of one common share and one warrant exercisable at C$0.05 for 36 months.

According to President and CFO Doug Porter, the funds will support a planned 4,000-meter exploration drill program at the Gochager Lake project, with drilling scheduled to begin in the first week of March. The company stated that institutional investors represented approximately 52% of the gross proceeds, including follow-on investments from Crescat Capital LLC and Netherlands-based Plethora Precious Metals Fund.

The charity flow-through units will fund Canadian exploration expenses qualifying as flow-through critical mineral mining expenditures at the Gochager Lake Project in Saskatchewan. These expenditures must be incurred by December 31, 2027, and will be renounced to subscribers effective December 31, 2026.

Fathom paid total finder commissions of C$62,296 and issued 3,557,880 finder warrants exercisable at C$0.05 per share for 24 months. All securities are subject to a four-month hold period.

The Calgary-based exploration company focuses on magmatic nickel sulphide discoveries and operates three projects in Saskatchewan's Trans Hudson Corridor, including the Albert Lake Project hosting the historic Rottenstone Mine and the Gochager Lake Project.

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