Quebec Nickel Corp. (CSE: QNI) (FSE: 7lB) is pleased to announce that it has completed the closing of the first tranche of its non-brokered private placement by issuing a total of (i) 3,803,304 units, at a price of $0.24 per Unit; (ii) 10,004,000 flow-through shares at a price of $0.25 per FT Share; and (iii) 4,841,573 Quebec flow-through shares, at a price of $0.26 per Quebec FT Share. The aggregate gross proceeds raised from the First Tranche is $4,672,601.94. The securities issued in the private placement are subject to a four-month hold period expiring on March 5, 2022.

Each Unit is comprised of one common share in the capital of the Company and one-half (1/2) of a Common Share purchase warrant of the Company. Each whole Warrant entitles the holder thereof to acquire one additional Common Share at a price of $0.32 for a period of two years from the closing date of the First Tranche. The FT Shares and the Quebec FT Shares will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada).

The Company will use the private placement proceeds from the Units for general working capital purposes and will use the proceeds from the FT Shares and the Quebec FT Shares to fund exploration work on its properties.

As a result of the closing of the private placement, there are now 59,757,819 common shares of the Company issued and outstanding. The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the Canadian Securities Exchange. In connection with the First Tranche, finder’s fees equal to an aggregate amount of $327,082.14 were paid, and 1,305,421 finder’s warrants were issued to arm’s length third parties of the Company. Each finder’s warrants entitle the holder to acquire one common share of the Company for the price of $0.24 per common share for a period of two years following the closing.

The Company anticipates closing the second tranche of its private placement on or around November 10, 2021.

Ducros Group Ni-Cu-PGE Property Work Program

The Company has increased its 2021/2022 Work Program to over $5 Million. The increased exploration budget will allow the Company to drill up to 20,000 Metres across the Ducros Project area. Currently, detail geological mapping and sampling of the exposed length and breadth of the Fortin Sill is underway. The Company is conducting a property-wide helicopter-borne VTEM survey over 1,717 km, and once that is completed, ground follow-up will start on the Ducros Sill, Ducros Gabbro and other prospective electromagnetic (EM) conductors. The Company is working on identifying drill targets on the Fortin Sill (see our previous October 14, 2021 press release) based on the on-going mapping program and the previous geophysical TDEM survey that was completed in 2020, and other targets on the property.

Qualified Person

The technical content of this release has been approved for disclosure by Michel Lacey, P. Geo. (OGQ #867), a Qualified Person as defined by NI 43-101. Michel Lacey is independent of the Company and is not an employee of the Company or hold securities of the Company.

About Quebec Nickel Corp.

Quebec Nickel Corp. is a mineral exploration company focused on acquiring, exploring, and developing nickel projects in Quebec, Canada. The Company has 100% interest in the Ducros Group Property, consisting of 280 contiguous mining claims covering 15,147 hectares within the Abitibi region located in Quebec, Canada.