First Atlantic Nickel raises $3.77M in second September placement

First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) closed a no-warrant, non-brokered private placement raising $3,767,700.25, bringing the company's total financing from September 2026 to approximately $9.925 million, according to a press release.

The offering consisted of 2,333,667 flow-through common shares priced at $0.75 per share and 2,570,000 charity flow-through common shares priced at $0.785 per share. No warrants were issued and no finder's fees were paid in connection with the offering.

A strategic investor exercised a participation right under an existing Investor Rights Agreement, with the participation structured so that the investor's beneficial ownership would not exceed 9.99% of issued and outstanding common shares following the closing.

The company said proceeds will fund drilling at the Alloy Max North and Alloy Max South Zones at its Pipestone XL project in central Newfoundland, as well as definition drilling and metallurgical test work at the RPM, Alloy Max South, and Alloy Max North Zones. Funds will also support upgrades to project access roads.

All securities issued are subject to a statutory hold period of four months and one day under Canadian securities laws, expiring between January 26 and January 29, 2027. The offering remains subject to final acceptance by the TSX Venture Exchange. The company stated it will incur qualifying expenditures on or before December 31, 2027, and renounce them in favor of subscribers effective December 31, 2026.

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