First Atlantic Nickel raises $3.77M in second September placement

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

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

A strategic investor exercised a participation right under an existing Investor Rights Agreement, with its participation limited so that its beneficial ownership of the company's issued and outstanding common shares does not exceed 9.99%, keeping it below the 10% early warning reporting threshold under Canadian securities laws.

The company said proceeds will fund follow-up and expansion drilling at the Alloy Max North and Alloy Max South Zones at its Pipestone XL project in Newfoundland, as well as definition drilling and metallurgical test work at the RPM, Alloy Max South, and Alloy Max North Zones. Proceeds will also support upgrades to project access roads intended to enable year-round drilling.

All securities issued are subject to a statutory hold period of four months and one day under Canadian securities laws. 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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