Nickel North Exploration Corp. has arranged a non-brokered private placement offering of up to 60 million units at 2.5 cents per unit for gross proceeds of up to $1.5-million. Each unit will comprise one common share and one-half of a warrant. A whole warrant entitles the holder to purchase one additional common share of the company at five cents per share for a period of two years following closing of the private placement.

The warrants will also be subject to acceleration provisions so that the company may, at its sole discretion, (a) when the closing price of the company's common share equals or exceeds eight cents per share consecutively for one month (the first acceleration trigger), accelerate the expiration date of 50 per cent of the warrants owned by a holder to one month following the first acceleration trigger, and (b) when the closing price of the company's common share equals or exceeds 16 cents per share consecutively for one month, accelerate the expiration date of all of the warrants owned by a holder to one month following the second acceleration trigger.

The private placement is subject to regulatory approval. All securities to be issued pursuant to the private placement are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars. A finder's fee commensurate with regulatory policies may be paid if applicable. No more than 10 per cent of the proceeds of any financing will be used for investor relations activities.

Proceeds from the private placement will be used for field exploration programs on the Hawk Ridge Ni-Cu-PGE-Co (nickel-copper-platinum group element-cobalt) project, updating previous National Instrument 43-101 resource estimate report, and general working capital and potential acquisitions of new assets.

An insider has participated in the private placement. This constitutes a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company intends to rely on exemptions from the formal validation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation based on a determination that the fair market value of the participation in the offering by the insider does not exceed 25 per cent of the market capitalization of the company, as determined in accordance with MI 61-101.

This private placement is subject to customary closing conditions and approvals of applicable securities regulatory authorities, including the TSX Venture Exchange.

About Nickel North Exploration Corp.

Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE mineral resource at its Hawk Ridge project in Northern Quebec. The board of directors, adviser committee and management team are experienced, successful mine finders. The property consists of a 50-kilometre-long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 179.67 square km. Quebec is a mining-friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good relations with local Inuit communities and is committed to sustainable development.