VANCOUVER, British Columbia, June 20, 2024 (GLOBE NEWSWIRE) -- First Atlantic Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or "FAN" or the "Company") is pleased to announce that subject to the final approval of the TSX Venture Exchange (the "Exchange"), the Company has closed a non-brokered private placement led by a strategic investor, of 9,928,571 flow-through shares (the "FT Shares") issued at a price of C$0.21 per FT Share, for aggregate gross proceeds of $2,084,999.91 (the "Offering"). Each FT Share will consist of one common share of the Company issued as a "flow-through share" (within the meaning of subsection 66(15) of the Income Tax Act (Canada). Highlights: The Company's 2024 exploration program is now fully funded with a planned 5,000m drilling at the Atlantic Nickel Project to target numerous zones of awaruite nickel mineralization along a 30km ultramafic nickel trend. Financing of approximately $2.1M at C$0.21 per share represents a 58% premium to the 10-day Volume Weighted Average Price ("VWAP"). Post-closing, a strategic investor holds a 9.98% equity stake in First Atlantic, secured by an investor rights agreement (the "Investor Rights Agreement") granting the right to maintain ownership in future financings. No warrants, finders fees, or commissions were payable in connection with the Offering. Funds raised from the Offering will fully fund the Company's 2024 exploration programs, which will include geophysical surveys, surface exploration, and a planned 5,000-meter drilling campaign at the Atlantic Nickel Project. These activities will target high-priority zones along the extensive 30-kilometer ultramafic nickel trend. The summer's geophysical surveys and surface exploration will play a vital role in identifying the most promising initial drill targets for the planned multi-zone drilling program. The Offering was led by a strategic investor who now holds a 9.98% equity position in First Atlantic. The FT Shares issued pursuant to the Offering were issued at a price of C$0.21 per share, which represented a 58% premium to the Company's 10 VWAP. Upon closing the Offering, the Company and the strategic investor also entered into an Investor Rights Agreement which will grant the investor the right to participate in subsequent equity financings to maintain their current interest of up to 9.98%. Adrian Smith, Chief Executive Officer of First Atlantic, commented, "We are thrilled to secure this substantial investment, which will enable the Company to fully fund its 2024 exploration program at the Atlantic Nickel Project and unlock the immense discovery potential along the 30km district-scale awaruite nickel trend." The Atlantic Nickel Project's size, location, and geological potential, including the unique awaruite form of nickel mineralization, has the potential to be a source of clean and sustainable nickel. ...