12:16 PM EST, 02/10/2025 (MT Newswires) -- (Updates shares.)

First Atlantic Nickel ( FANCF ) said Monday that it will issue a $3 million senior unsecured debenture through a non-brokered debt private placement.

The company said the debenture is the largest individual capital funding transaction in its history and contains favorable terms, including a five-year deferral on all interest and principal payments.

First Atlantic plans to use the proceeds to advance its Atlantic nickel project in Newfoundland.

"This funding will enable us to accelerate phase 2 drilling at the Atlantic nickel project, with the goal of expanding the mineralized footprint of the RPM Zone," CEO Adrian Smith said. "The lender's strong financial backing, provided on favorable terms, allows us to maintain our rapid exploration and development pace following major awaruite nickel discoveries in our first drill program, which began in the fourth quarter of 2024."

First Atlantic shares were last seen up $0.03 to $0.27 on the TSX Venture Exchange.

Price: 0.27, Change: +0.03, Percent Change: +12.50