Premium Nickel Resources Ltd. announced a a best effort brokered private placement of 11,765,000 common shares at a price of CAD 1.20 per common share for aggregate gross proceeds of approximately CAD 14,118,000 on December 3, 2023. The transaction will include participation from returning investor EdgePoint Investment Group Inc. The offering is expected to close on or about December 14, 2023, or such other date as the company and the agents may agree, and remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The Common Shares issued pursuant to the LIFE Exemption to Canadian resident subscribers under the Offering will not be subject to a hold period pursuant to applicable Canadian securities laws.

The Common Shares issued other than the LIFE Exemption will be subject to a hold period expiring four months and one day after the closing of the Offering.