First Atlantic Nickel Announces $1M Premium No Warrant Charity Flow Through Private Placement

About this update from First Atlantic Nickel & Cobalt Corp.

[{"type":"text","content":"First Atlantic Nickel Announces $1M Premium No Warrant Charity Flow Through Private Placement\n\n\n\n VANCOUVER, British Columbia, March 31, 2025 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) (“\n \n First Atlantic\n \n ” or the “\n \n Company\n \n ”) announces that it intends to complete a non-brokered private placement financing of up to 2,190,200 shares of the Company issued on a charity flow-through basis (the “\n \n Charity\n \n\n FT Shares\n \n ”) at a price of C$0.49 per Charity FT Share for proceeds of up to C$1,073,198 (the “\n \n Offering\n \n ”). The Company plans to use the proceeds of the Offering on its Phase 2 drilling and exploration program at the Atlantic Nickel Project in Central Newfoundland.\n \n\n Each Charity FT Share will be issued as a “flow-through share” under the\n \n Income Tax Act\n \n (Canada) (the “\n \n Tax Act\n \n ”). An amount equal to the gross proceeds from the issuance of the Charity FT Shares will be used to incur, on the Company’s Canadian mineral exploration properties, eligible resource exploration expenses that will qualify as (i) “Canadian exploration expenses” (as defined in the Tax Act), and (ii) “flow-through critical mineral mining expenditures” (as defined in subsection 127(9) of the Tax Act) (collectively, the “\n \n Qualifying Expenditures\n \n ”). The Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the Charity FT Shares will be incurred on or before December 31, 2026, and will be renounced by the Company to the purchasers of the initial purchasers of the Charity FT Shares with an effective date no later than December 31, 2025. In the event that the Company is unable to renounce the issue price for the Charity FT Shares on or prior to December 31, 2026, for each Charity FT Share purchased and/or if the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will as sole recourse for such failure to renounce, indemnify each Charity FT Share subscriber for the additional taxes payable by such subscriber to the extent permitted by the Tax Act as a result of the Company’s failure to renounce the Qualifying Expenditures as ...

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