NiCAN Limited announced a bought deal private placement to issue up to 3,000,000 common shares of the company at a price of CAD 0.10 per common share for gross proceeds of CAD 300,000 and 7,000,000 flow through common shares at a price of CAD 0.175 per share for the gross proceeds of CAD 1,225,000 for the aggregate gross proceeds of CAD 1,525,000 on February 2, 2024. The underwriters also have an option to purchase that number of additional common shares and flow-through shares equal to 20% of the number of common shares and flow through shares sold pursuant to the offering at the common share offering Price and flow through share offering price, as the case may be, to cover over-allotments, exercisable in whole or in part, up to 48 hours prior to the closing date. The offering is scheduled to close on or about February 23, 2024 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and other approvals including the approval of the TSX Venture Exchange.