EV Nickel Announces Closing of $5.12 Million Flow-Through Financing

Not for distribution to U.S. news wire services or dissemination in the United States

TORONTO, March 28, 2024 (GLOBE NEWSWIRE) -- EV NICKEL INC. (TSX-V: EVNI) ("EVNi" or the "Company") is pleased to announce that it has closed its previously announced private placement of flow-through common shares for aggregate proceeds of $5,119,750 (the "Offering"). The Offering was led by PowerOne Capital Markets Limited and Clarus Securities Inc. (the “Agents”).

"We are very appreciative for the strong interest in this financing, which will be utilized by the company to further develop our high grade and large-scale nickel resources.  Together with the funds raised from recent warrant exercises, the Company is well capitalized and is in active preparation for its upcoming work program."    Paul Davis, VP Exploration.

The Offering comprised of: (i) 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 $1,619,750; and (ii) 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 $3,500,000.

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 critical mineral 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.

In consideration for their services, the Company has paid the Agents a cash fee equal to $358,382.52 and 446,017 compensation warrants. Each compensation warrant entitles the holder thereof to one common share of the Corporation at a price of $0.75 per common share until the close of business on the date which is 24 months from the closing date of the Offering.

All securities issued under the Offering will be subject to a hold period expiring four months and one day from the date hereof. The Offering is subject to final acceptance of the TSX Venture Exchange.