Mr. David Fitch reports

CLASS 1 NICKEL AND TECHNOLOGIES LTD. ANNOUNCES CLOSING OF PRIVATE PLACEMENT AND SHARE FOR DEBT OFFERING

Class 1 Nickel and Technologies Ltd. has closed its previously announced non-brokered private placement, pursuant to which it issued an aggregate of 2,588,224 units of the company at a price of 12.4 cents per unit to raise aggregate gross proceeds of $320,939. Each unit consisted of one common share of the company and one-half of one common share purchase warrant, with each whole such common share purchase warrant entitling the holder thereof to acquire one additional share at an exercise price of 25 cents for a period of three years from the date of issuance thereof.

In addition, the company has also completed its previously announced share-for-debt transaction pursuant to which it has issued an aggregate of 16,666,666 shares at a deemed price of 12 cents per share in satisfaction of outstanding indebtedness owing in the aggregate amount of $2-million. David Fitch, the president and chief executive officer of the company, acquired, directly or indirectly, all of the shares issuable pursuant to the share-for-debt transaction.

As Mr. Fitch is an insider of the company, the share-for-debt transaction was a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the share-for-debt transaction as the company is listed on the Canadian Securities Exchange and neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the share-for-debt transaction, insofar as it involves the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

All of the securities issued pursuant to the private placement and the share-for-debt transaction are subject to a statutory hold period expiring on Oct. 12, 2026. Both the private placement and share-for-debt transaction remain subject to the final approval of the Canadian Securities Exchange.

About Class 1 Nickel and Technologies Ltd.

Class 1 Nickel is a mineral resources company primarily focused on the exploration and development of its 100-per-cent-owned komatiite-hosted nickel sulphide projects: the Alexo-Dundonald project near Timmins, Ont. (four nickel sulphide deposits) and the Somanike project, near Val d'Or, Que. (includes the historical Marbridge Ni-Cu (nickel-copper) mine). Both projects comprise extensive property packages covering past-producing nickel mines, offering excellent exploration upside and near-term production opportunities.

We seek Safe Harbor.