Business
First Atlantic Nickel Reports $1,977,600 in Warrant Exercise Proceeds; All $0.20 Warrants Now Expired
Grand Falls-Windsor, Newfoundland and Labrador--(Newsfile Corp. - February 3, 2026) - First Atlan...
About this update from First Atlantic Nickel & Cobalt Corp.
[{"type":"text","content":"First Atlantic Nickel Reports $1,977,600 in Warrant Exercise Proceeds; All $0.20 Warrants Now ExpiredGrand Falls-Windsor, Newfoundland and Labrador--(Newsfile Corp. - February 3, 2026) - First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (the \"Company\" or \"First Atlantic\") is pleased to announce that it has received total gross proceeds of $1,977,600 from the exercise of $0.20 per share warrants (\"Warrants\") and finder's units (\"Finder's Units\") issued in connection with its February 2023 financing, prior to the acquisition of the Pipestone XL Nickel-Cobalt Alloy Project. All unexercised warrants from that financing expired on February 2, 2026. Following the expiry, only 210,000 warrants remain outstanding company-wide, significantly reducing dilutive overhang for shareholders.In connection with the February 2023 financing, an aggregate of 9,430,000 Warrants were exercised for gross proceeds of $1,886,000, including 6,810,000 exercised in January 2026 for gross proceeds of $1,362,000. In addition, an aggregate of 332,000 Finder's Units were exercised for gross proceeds of $33,200, resulting in the issuance of an additional 332,000 common share purchase warrants (the \"Finder's Warrants\"). Of the Finder's Warrants (exercisable at $0.20 per share), an aggregate of 292,000 were exercised for gross proceeds of $58,400. Gross proceeds received during 2026 from the exercise of Finder's Units and Finder's Warrants totaled $62,400. In total, the Company received aggregate gross proceeds of $1,977,600 from all Warrant, Finder's Units and Finder's Warrant exercises.The Company also announces that it has arranged a no warrant, non-brokered private placement of common shares of the Company (the \"Shares\") at a price of $0.18 per Share for gross proceeds up to $3,000,000 (the \"Offering\"). The Offering is expected to consist of the issuance of up to approximately 16,666,667 Shares.The Company intends to use the gross proceeds from the Offering to advance the Company's projects (including Pipestone XL and Ophiolite-X), satisfy related option payment obligations, maintain and manage mineral claims and properties, and for investor relations, general and administrative expenses, and unallocated working capital for the next twelve months, as is more fully described in the Offering Document (as herein defined).Subject to compliance ...