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First Atlantic Nickel & Cobalt Raises CA$6.2 Million in Private Placement

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First Atlantic Nickel & Cobalt (FAN.V) has closed a non-brokered private placement, raising gross proceeds of 6.2 million Canadian dollars, the company said Friday.

First Atlantic issued 8.2 million flow-through common shares at CA$0.75 per share.

The proceeds will be used to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" under the Income Tax Act (Canada) for exploration programs at the Pipestone XL Nickel-Cobalt Alloy Project and the Ophiolite X Project in Newfoundland.

Proceeds will fund follow-up and expansion drilling at the Alloy Max South and Alloy Max North Zones, continued drilling at the RPM Zone, and drilling at other targets, as well as continued metallurgical recovery and processing test work at the Alloy Max and RPM Zones.

The company will also use proceeds to fund ongoing upgrades to project access trails to enable year-round drilling and provide new ground access to currently inaccessible targets.

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