First Atlantic Nickel raises $6.16M in flow-through share placement

First Atlantic Nickel & Cobalt Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P210) has closed a non-brokered private placement, raising gross proceeds of $6,157,500 through the issuance of 8,210,000 flow-through common shares at $0.75 per share. No warrants or finder's fees were issued in connection with the offering.

The shares were issued on a flow-through basis under the Income Tax Act (Canada). The company said it will use proceeds to incur eligible Canadian exploration expenses, which it plans to renounce in favor of subscribers effective December 31, 2026. The qualifying expenditures are to be incurred by December 31, 2027.

Proceeds are designated for exploration at the company's Pipestone XL Nickel-Cobalt Alloy Project in Newfoundland, which spans a 30-kilometer mineralized trend. Planned activities include follow-up and expansion drilling at the Alloy Max South and Alloy Max North Zones, continued drilling at the RPM Zone, and drilling at targets previously accessible only by helicopter. Funds will also support metallurgical recovery and processing test work and upgrades to project access trails intended to enable year-round drilling.

A portion of the proceeds will also support exploration at the company's Ophiolite X Project in Newfoundland.

All securities issued are subject to a statutory hold period expiring January 19, 2027, under Canadian securities laws. The offering remains subject to final acceptance by the TSX Venture Exchange.

Separately, the company disclosed a renewal agreement with Xander Capital Partners Inc. for investor relations and marketing consulting services, effective April 2, 2026, at a continuing rate of US$10,000 per month. The renewal has no fixed expiry date and is subject to 30 days' written notice for termination by either party. No securities will be issued as compensation. The renewal is subject to Exchange acceptance.

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