Cumberland Resources Nickel Corp. announced a non-brokered private placement of up to 9,000,000 flow-through units at a price of CAD 0.065 per flow-through unit for gross proceeds of up to CAD 585,000 and up to 12,000,000 hard-dollar units at a price of CAD 0.05 per hard-dollar unit for gross proceeds of up to CAD 600,000, for aggregate gross proceeds of up to CAD 1,185,000 on April 28, 2023. Each flow-through unit and hard-dollar unit consists of one common share and one half of one common share purchase warrant with each whole warrant entitling the holder thereof to purchase one non-flow-through common share at a price of CAD 0.10 for 12 months following the closing of the offering.

The transaction is expected to close on or about May 17, 2023. Closing may be completed in one or more tranches. The securities are being subject to four month and one day statutory hold period.

The company will pay to the eligible finders a cash commission equal to 8% of the gross proceeds, number of non-transferrable finder warrants as is equivalent to 4% of the number of flow-through units and/or hard-dollar units and number of Shares as is equivalent to 4% of the number of hard-dollar units and/or flow-through units. Each finder warrant will entitle the holder thereof to purchase one share at a price of CAD 0.10 for 12 months following closing of the offering.