First Atlantic Nickel & Cobalt Corp. has closed a non-brokered private placement raising gross proceeds of $6,157,500 through 8,210,000 flow-through common shares priced at $0.75 each. Flow-through shares are securities whose eligible exploration expenditures can be transferred to investors for Canadian tax purposes. No warrants or finder’s fees were issued, although the financing remains subject to final acceptance by the TSX Venture Exchange. The proceeds are earmarked primarily for drilling and metallurgical work at the company’s wholly owned Pipestone XL Nickel-Cobalt Alloy Project in central Newfoundland, as well as exploration at its Ophiolite X Project. Planned work includes expansion drilling at the Alloy Max South and Alloy Max North zones, continued drilling at RPM, testing targets previously accessible only by helicopter, recovery and processing studies, exploration of additional awaruite targets and upgrades to access trails intended to support year-round drilling. Awaruite is a naturally occurring magnetic nickel-iron-cobalt alloy that can potentially be concentrated without conventional smelting, roasting or high-pressure acid leaching. First Atlantic says the Pipestone XL project spans the 30-kilometre Pipestone Ophiolite Complex and contains the RPM, Alloy Max, Super Gulp, Atlantic Lake and Chrome Pond zones. The company also reported a renewal with Xander Capital Partners Inc. for investor relations and marketing services at the existing rate of US$10,000 per month, with no fixed expiry date and termination available on 30 days’ notice. The financing securities carry a four-month-and-one-day statutory hold period expiring January 19, 2027. First Atlantic plans to incur qualifying expenditures by December 31, 2027 and renounce them in favour of subscribers effective December 31, 2026. The company cautioned that its exploration, processing, environmental and commercial objectives remain subject to regulatory, geological, technical, financial and market risks.