EV Nickel Announces Pro-rata Participation by Strategic Investor and Upsize to Private Placement

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TORONTO, March 08, 2024 (GLOBE NEWSWIRE) -- EV NICKEL INC. (TSX-V: EVNI) ("EVNi" or the "Company") is pleased to announce that, further to its press release dated March 4, 2024, the Company has upsized its previously announced private placement of flow-through common shares from $3,500,000 to $5,119,750 (the "Offering").

The Offering will be comprised of: (i) up to 1,705,000 premium flow-through common shares (each a "Premium Flow-Through Share"), at a price per Premium Flow-Through Share of $0.95, for aggregate gross proceeds of up to $1,619,750; and, (ii) up to 4,666,667 flow-through common shares (each a "Flow-Through Share"), at a price per Flow-Through Share of $0.75, for aggregate gross proceeds of up to $3,500,000.

The upsize in the Offering is a result of one of the Company's strategic investors electing to exercise its right to maintain its pro-rata interest in the Company as set out in the investor rights agreement between the Company and the strategic investor. See the Company's press release dated September 14, 2023 for further details with respect to the investor rights agreement.

The Premium Flow-Through Shares and the Flow-Through Shares will qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada)). The gross proceeds from the Offering will be used by the Corporation to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as both terms are defined in the Income Tax Act (Canada)) (the "Qualifying Expenditures") related to the Company's Shaw Dome assets located south of Timmins in Ontario. The Qualifying Expenditures will be renounced in favour of the subscribers with an effective date no later than December 31, 2024 and in the aggregate amount of not less than the total amount of the gross proceeds raised from the Offering.

About EV Nickel Inc.

EVNi's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focused on the Shaw Dome Project, south of Timmins, Ontario. EVNi has over 30,000 hectares to explore across the Shaw Dome and has identified >100 km of additional favourable strike length. The Shaw Dome includes the High-Grade W4 Deposit- with a combined Resource of 2.0M tonnes @ 0.98% Ni for 43.3M lbs of Class 1 Nickel consisting of Measured and Indicated Resources of 1.45M tonnes @ 0.98% Ni and Inferred Resources of 0.6M tonnes @ 0.98% Ni and the Large-Scale CarLang Area with more than 10km of mineralization and where the first 20% contains the A Zone- with a combined Resource of 1.1B tonnes @ 0.24% Ni for 5.3B lbs of Class 1 Nickel consisting of Indicated Resource of 0.5B tonnes @ 0.25% Ni and an Inferred Resource of 0.5B tonnes @ 0.23% Ni. EVNi owns the trademark for Clean Nickel and plans to grow and advance a Clean Nickel business, targeting the growing demand from the electric vehicle battery sector. The Company is focused on a 2-track strategy: Track 1- to produce High-Grade Clean Nickel (starting with W4) and Track 2- an integrated Carbon Capture & Storage project with Large-Scale Clean Nickel production (starting with CarLang).