Business
First Atlantic Closes No-Warrant Private Placement Financing as Strategic Investor Exercises 9.9% Top-Up Right Under Investor Rights Agreement
Not for Distribution to U.S. Newswire Services or for Dissemination in the United States. VANC...
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"First Atlantic Closes No-Warrant Private Placement Financing as Strategic Investor Exercises 9.9% Top-Up Right Under Investor Rights Agreement\nNot for Distribution to U.S. Newswire Services or for Dissemination in the United States. VANCOUVER, British Columbia, Dec. 23, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) (“FAN” or the “Company”) announces that it has closed its non-brokered private placement (the “Offering”) of flow-through common shares, issued without warrants, for aggregate gross proceeds of $2,619,316. In connection with the Offering, a strategic investor exercised its top-up rights under an Investor Rights Agreement, which entitles it to maintain an ownership interest in the Company of up to 9.99%. The Offering consisted of (i): 3,201,220 charity flow-through common shares (each, a “CFT Share”) issued at a price of $0.2432 per CFT Share; and (ii) 8,765,618 flow-through common shares of the Company (each, a “FT Share”) issued at a price of $0.21 per FT Share. Each of the CFT Shares and FT Shares was issued on a “flow-through” basis pursuant to the Income Tax Act (Canada). The proceeds of the Offering will be used on the Company’s Pipestone XL Nickel Alloy Project in Newfoundland to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures,” as those terms are defined in the Income Tax Act (Canada) (the “Qualifying Expenditures”), on or before December 31, 2026. The Company will renounce all Qualifying Expenditures to subscribers effective December 31, 2025. The Company intends to use the proceeds to immediately advance drilling and exploration at the RPM Zone, test newly identified drill targets across the Pipestone XL Project, and expand the scope and scale of its metallurgical recovery and processing program. Please call 844-592-6337 or email [email protected] to connect with Rob Guzman, First Atlantic Nickel's Investor Relations, for questions or more information. PIPESTONE XL ALLOY PROJECT The Pipestone XL Nickel Alloy Project spans the entire 30-kilometer Pipestone Ophiolite Complex in central Newfoundland, a continuous belt of serpentinized ultramafic rocks enriched in nickel and chromium. ...