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ArcPacific Resources Corp ( (TSE:FAN) ) has provided an announcement.
First Atlantic Nickel Corp. has closed a non-brokered, no-warrant private placement of flow-through and charity flow-through common shares for gross proceeds of approximately $2.6 million, with a strategic investor exercising top-up rights to maintain just under a 10% ownership stake. The funds will be directed to advancing drilling and exploration at the RPM Zone, testing new targets across the Pipestone XL Nickel Alloy Project, and expanding metallurgical recovery and processing work on awaruite, a high-grade, sulfur-free nickel-iron-cobalt alloy whose simple, low-emission processing could strengthen the company’s role in building a secure, environmentally advantaged North American nickel supply chain.
More about ArcPacific Resources Corp
First Atlantic Nickel Corp. is a Canadian mineral exploration company focused on the Pipestone XL Nickel Alloy Project in central Newfoundland, which spans the 30-kilometre Pipestone Ophiolite Complex. The project targets awaruite, a naturally occurring nickel-iron-cobalt alloy with high nickel content, and aims to supply low-carbon, sulfur-free nickel for stainless steel, electric vehicle, aerospace and defence markets, leveraging simple magnetic separation processing, road access and nearby hydroelectric power in a top-tier mining jurisdiction.
Average Trading Volume: 237,575
Technical Sentiment Signal: Hold
Current Market Cap: C$19.13M
For an in-depth examination of FAN stock, go to TipRanks’ Overview page.