EV Nickel Provides Update on Upsized Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES

TORONTO, ON / ACCESSWIRE / September 12, 2023 / EV NICKEL INC. (TSX-V:EVNI) ("EVNi" or the "Company") is providing an update on the previously announced non-brokered private placement (the "Offering") of up to 16,667,667 units for aggregate proceeds of $1M on July 17, 2023.

The Company has upsized the Offering and will now offer up to 34,583,667 units ("Units") of the Company at CAD$0.06 per Unit for aggregate proceeds of CAD$2,075,020. The Offering will be on the same terms as first announced on July 17, 2023, such terms being that each Unit will consist of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at a price of C$0.09 for a period of 24 months following the closing date of the Offering.

The Company closed the first tranche of its private placement on July 23, 2023 where the Company issued 1,367,000 Units for gross proceeds of $82,020.

The Company may pay finders' fees to eligible parties who have assisted in introducing subscribers to the Offering. Closing of the Offering remains subject to the approval of the TSX Venture Exchange.

The Company intends to use the net proceeds raised from the Offering for the continued exploration and advancement of the Company's Shaw Dome Project located south of Timmins, Ontario and for general corporate purposes.

The Company expects to close the Offering later this week.

About EV Nickel Inc.

EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel exploration company, focussed on the Shaw Dome Project, south of Timmins, Ontario. EV Nickel 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 Resource which defined 2.0M tonnes @ 0.98% Ni for 43.3M lbs of Class 1 Nickel across Measured, Indicated and Inferred and the Large-Scale CarLang Area with more than 10km of mineralization and where the first 20% contains the A Zone- with a Resource which defined 1.0B tonnes @ 0.24% Ni for 5.3B lbs of Class 1 Nickel across Indicated and Inferred. EV Nickel 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).