North American Nickel Files Final Prospectus and Provides Additional Detail in Connection With Proposed Equity Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 30, 2016) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF)(CUSIP: 65704T 108) (the "Company" or "NAN") announces that it has filed a final short form prospectus in connection with its previously announced proposed marketed offering of units (the "Units"). The Company will offer a maximum of 160,000,000 Units at a price of $0.075 per Unit for aggregate gross proceeds of up to $12,000,000 (the "Offering"). The Offering is being conducted on a best efforts agency basis through Paradigm Capital Inc. (the "Agent"), acting as agent.

Each Unit consists of one common share in the capital of the Company (a "Unit Share") and one-half of one common share purchase warrant of the Company (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to acquire one common share of the Company (each, a "Warrant Share") at any time prior to 5:00 p.m. (Toronto time) on the date that is, subject to acceleration in certain circumstances, twenty-four (24) months following its issuance date at a price of $0.12.

The Company has also granted the Agent an option to cover over-allotments (the "Over Allotment Option"), which will allow the Agent to arrange for purchasers to acquire up to an additional 15% of the number of Units initially available under the Offering. The Over Allotment Option is exercisable, in whole or in part and subject to approval by the Corporation, at any time until noon (Toronto time) on the 30th day following the closing of the Offering.

Sentient Executive GP IV, Limited (for the general partner of Sentient Global Resources Fund IV, L.P) (collectively, "Sentient") intends to invest its pro-rata amount in the Offering in order to maintain its 49% position in the capital of the Company. Sentient, which is an insider and a related party of the Company, beneficially owns, or exercises control or direction over, 103,666,596 common shares of the Company or approximately 49% of the currently issued and outstanding common shares of the Company.

The Company intends to use the net proceeds of the Offering for exploration activities to be completed at the Company's Maniitsoq project in Greenland, for the repayment of debt and for general working capital purposes.

The Offering is being made pursuant to a short form prospectus filed in each of the provinces of British Columbia, Alberta and Ontario. A copy of the short form prospectus, which contains important information relating to the Units, is available on SEDAR at www.sedar.com.