NOT FOR DISTRIBUTION TO U.S. NEWSWIRES OR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, March 20, 2026 (GLOBE NEWSWIRE) -- Giga Metals Corp. ("Giga Metals" or the "Company") (TSX-V: GIGA; OTCQB: GIGGF; FSE: BRR2) is pleased to announce that further to its news release dated March 17, 2026, the Company has closed its previously announced private placement of Flow-Through shares for aggregate proceeds of $900,000. The company closed on 8,181,818 FT shares at a price of $0.11.
The flow-through proceeds of the Private Placement will be used to advance exploration activities at the Turnagain project and any other Canadian properties that the Company may acquire, provided that the Company will use an amount equal to the gross proceeds received by the Company from the sale of the FT Shares to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the "Tax Act"; and will be incurred on or before December 31, 2027 and renounced with an effective date no later than December 31, 2026 to the initial purchasers of FT Shares.
The securities issued have a hold period expiring 4 months plus one day after issuance, being July 21, 2026.
In connection with the Private Placement, the Company will pay finder's fees of 8% of the aggregate proceeds raised, payable in common shares of the Company. In addition, the Company will issue 654,545 finder's warrants. Each finder's warrant will entitle the holder to purchase one common share of the Company at a price of $0.11 per common share for a period of one (1) year following the date of issuance, being March 20, 2027.
No control blocks were created as a result of the private placement.
About Giga Metals Corporation
Giga Metals Corporation's core asset is the Turnagain Project located in northern British Columbia, which contains one of the few significant undeveloped sulphide nickel and cobalt resources in the world. Turnagain is held in Hard Creek Nickel, a subsidiary owned jointly by Giga Metals Corporation and Mitsubishi Corporation. The Pre-Feasibility Study was released in October 2023. The Turnagain ultramafic complex is also prospective for copper, platinum and palladium mineralization in the Attic Zone, an area adjacent to the known nickel resource.
Forward-looking Statements
Certain statements in this news release are forward-looking statements, which reflect the expectations of the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements include, but are not limited to, completion of the Private Placement and any additional funding for the Turnagain Project. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: the conditions to closing of the Private Placement may be not be satisfied; the Company may not be able to locate suitable investors for the Private Placement and the terms for any additional funding of the Turnagain Project may not be finalized. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
On behalf of the Board of Directors of Giga Metals Corporation
"Scott Lendrum"
SCOTT LENDRUM,
CEO and Director
Contact Information
Office Phone: +1 (604) 681-2300
Investor Inquiries: info@gigametals.com
Company Website: www.gigametals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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