First Atlantic Nickel raises $3.49M in flow-through share placement

First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) closed a no-warrant, non-brokered private placement raising gross proceeds of $3,492,000.90, bringing total financing raised since September 2026 to approximately $13.4 million, according to a press release from the company.

The offering consisted of 4,207,230 flow-through common shares priced at $0.83 per share, representing a premium of approximately 22% to the closing price of the company's common shares on the TSX Venture Exchange on October 5, 2026. No warrants or finder's fees were issued in connection with the offering.

The proceeds are designated for eligible Canadian exploration expenses qualifying as flow-through mining expenditures under the Income Tax Act (Canada). The company states it will incur these qualifying expenditures on or before December 31, 2027, and renounce them in favor of subscribers effective December 31, 2026.

Funds are intended to expand drilling at the Alloy Max and RPM Zones of the Pipestone XL Nickel-Cobalt Alloy Project in central Newfoundland, test previously undrilled targets along a 30-kilometer trend, and develop an exploration access road northward toward the Atlantic Lake Zone.

All securities issued are subject to a statutory hold period of four months and one day, expiring February 6, 2027, under Canadian securities laws. The offering remains subject to final acceptance by the TSX Venture Exchange.

The Pipestone XL project spans the 30-kilometer Pipestone Ophiolite Complex and hosts multiple zones of awaruite mineralization. The company's ONSHORE MAX process produced a concentrate averaging 67.4% nickel from RPM Zone material in initial metallurgical test work completed in 2026.

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