First Atlantic Closes First Tranche of No Warrant Life Financing; CEO Participates with 1,000,000-Share Subscription

Core Viewpoint - First Atlantic Nickel Corp. has successfully closed the first tranche of its non-brokered private placement, raising gross proceeds of approximately $3.07 million through the issuance of 17,036,609 common shares at a price of $0.18 per share [2][4]. Group 1: Offering Details - The first tranche of the LIFE Offering involved the issuance of 17,036,609 common shares, resulting in gross proceeds of $3,066,589.62 [2]. - The Chief Executive Officer, Adrian Smith, participated in the offering by purchasing 1,000,000 common shares for a total of $180,000 [2]. - The company utilized the listed issuer financing exemption under National Instrument 45-106 for this issuance, allowing the shares to be freely tradeable under Canadian securities laws [3]. Group 2: Use of Proceeds - The gross proceeds from the offering will be allocated to advance the company's projects, including Pipestone XL and Ophiolite-X, fulfill option payment obligations, manage mineral claims, and cover general administrative expenses for the next twelve months [4]. Group 3: Related Party Transaction - Adrian Smith's participation in the LIFE Offering is classified as a related party transaction, and the company is relying on exemptions from formal valuation and minority shareholder approval requirements due to the common shares trading on the TSX Venture Exchange [5]. Group 4: Future Plans - The company plans to close a second tranche of the LIFE Offering and will provide updates in due course [6].