North American Nickel Inc. announced a best efforts basis private placement of subscription receipt at a price of CAD 0.48 per subscription receipt per unit for gross proceeds of CAD 5,000,000 on April 4, 2022. Each subscription receipt shall be exercised into a share on a one-for one basis, upon satisfaction of the escrow release conditions, subject to adjustment in certain events. The agent shall have the option to increase the size of the offering by up to 15% of the base offering size, which agent's option shall be exercisable, by notice in writing to the company, at any time not less than 48 hours prior to the closing date.

The offering is expected to close on or about April 28, 2022, or such other date as the agent and the company may mutually agree, and is subject to certain conditions, including but not limited to, the receipt of all necessary approvals, including conditional approval from the TSX Venture Exchange. The securities issued pursuant to the offering will be subject to applicable hold periods, including the typical four month period from closing date of the offering.