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

First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) has closed a no-warrant, non-brokered private placement raising approximately $3.49 million, bringing total financing completed since September 2026 to roughly $13.4 million, according to a company statement.

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 were issued and no finder's fees were paid in connection with the offering.

The company said proceeds will be used to fund Canadian exploration expenses qualifying as flow-through mining expenditures at its Pipestone XL Nickel-Cobalt Alloy Project and its Ophiolite X Project in Newfoundland. The qualifying expenditures are to be incurred on or before December 31, 2027, and renounced in favor of subscribers effective December 31, 2026.

Planned uses of the funds include expanded drilling at the Alloy Max and RPM zones, testing of previously undrilled targets along the 30-kilometer project trend, and development of an exploration access road toward the Atlantic Lake Zone.

Securities issued in the offering are subject to a statutory hold period expiring February 6, 2027. The offering remains subject to final acceptance by the TSX Venture Exchange.

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