First Atlantic Nickel raises $9.9 million in September

• The company closed a no-warrant, non-brokered private placement for gross proceeds of $3,767,700.25.
• It said aggregate gross proceeds from September 2026 financings are about $9.925 million.
• A strategic investor used a participation right, with ownership capped below 10% after closing.

First Atlantic Nickel & Cobalt Corp. closed a no-warrant, non-brokered private placement for gross proceeds of $3,767,700.25. The company said aggregate gross proceeds from financings completed in September 2026 now total about $9.925 million.

First Atlantic Nickel raises $9.9 million in September

The offering included 2,333,667 flow-through common shares at $0.75 each and 2,570,000 charity flow-through common shares at $0.785 each. No warrants were issued.

A strategic investor exercised a participation right under an existing investor rights agreement. The company said the investor’s beneficial ownership will not exceed 9.99% after completion, keeping it below the 10% early warning reporting threshold.

The proceeds will fund follow-up and expansion drilling at the Alloy Max North and Alloy Max South zones. They will also fund definition drilling and metallurgical test work at the RPM, Alloy Max South and Alloy Max North zones.

First Atlantic said project access-road and trail upgrades are expected to support faster, year-round drilling and a scale-up of exploration along an approximately 30-kilometre mineralized trend. It said the expenditures will be funded only to the extent they qualify as qualifying expenditures.

The company said the offering remains subject to final acceptance by the TSX Venture Exchange.