First Atlantic Nickel raises $2.9 million for Pipestone XL drilling

First Atlantic Nickel Corp. (TSXV: FAN) announced a private placement financing to raise up to $2,944,780 through the sale of flow-through common shares without warrants.

The Vancouver-based company will issue up to 4,971,219 charity flow-through shares at $0.2432 each and up to 8,265,618 flow-through shares at $0.21 each. The offering is fully allocated and non-brokered.

Proceeds will fund Canadian exploration expenses on the company's Pipestone XL Nickel Alloy Project in Newfoundland by December 31, 2026. The company plans to use funds for drilling and exploration at the RPM Zone, testing newly identified drill targets, and expanding its metallurgical recovery program.

The Pipestone XL project spans a 30-kilometer complex in central Newfoundland containing awaruite, a naturally occurring nickel-iron-cobalt alloy with approximately 75% nickel content. The project includes multiple discovery zones: RPM Zone, Super Gulp, Atlantic Lake, and Chrome Pond.

All securities issued will be subject to a four-month hold period following closing. The offering requires final approval from the TSX Venture Exchange.

First Atlantic trades on the TSX Venture Exchange under FAN, the OTCQB under FANCF, and German exchanges under P21.

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