On February 15, 2023, Flying Nickel Mining Corp. closed the transaction. The company has issued an aggregate of 5,370,000 units for aggregate gross proceeds of CAD 859,200. The transaction included participation from Sparta AG and returning investor, Blackstone Minerals Limited, and each has become a shareholder owning more than 5% of common shares of the company. The company issued 332,150 units as finders? fees and units in the transaction. Each finder?s Unit will consist of one common share of the company and one non-transferable share purchase warrant with each warrant entitling the holder to purchase one additional share of the company at a price of CAD 0.20 per share for 3 years. The securities issued as part of the Offering will be subject to a 4-month hold period. Sparta AG acquired 1,000,000 units at an issue price of CAD 0.16 for the gross proceeds of CAD 160,000,with each unit consisting of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional share of the issuer at a price of CAD 0.20 per share for three years. The acquired units represent 2.83 per cent of the issued and outstanding shares, assuming exercise of warrants. Immediately prior to the acquisition, Sparta held 4,901,500 shares and two million warrants, representing 10.77 per cent of the issued and outstanding shares, assuming exercise of warrants. Immediately following the acquisition, Sparta holds 5,901,500 shares and 3,00,000 warrants, representing 12.57 per cent of the issued and outstanding shares, assuming exercise of warrants. Prior to the issuance of the units, Blackstone Minerals Limited owned or controlled 4,250,000 common shares representing approximately 6.8% of the outstanding shares. Upon issuance of the 1,000,000 Units, Blackstone Minerals Limited now owns or controls 5,250,000 common shares representing approximately 7.7% of the outstanding shares, on a non-diluted basis. On a partially diluted basis, Blackstone Minerals Limited would have ownership and control over approximately 11.8% of the then issued shares.

The TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 19 placees.