Mr. David Fitch reports

CLASS 1 NICKEL AND TECHNOLOGIES LTD. COMPLETES PRIVATE PLACEMENT

Class 1 Nickel and Technologies Ltd. has completed its previously announced non-brokered private placement, pursuant to which it has issued convertible debentures in the aggregate principal amount of $400,000. The debentures have a three-year term and bear an interest rate of 2 per cent per annum. The principal amount owing under the debentures shall be convertible at the option of the holder thereof into common shares of the company at a deemed price of five cents per subject share, all in accordance with the terms and conditions of the certificates evidencing the debentures. David Fitch, president of the company, has purchased all of the debentures issued pursuant to the private placement.

As Mr. Fitch is an insider of the company, the private placement is 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 private placement 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 private placement, insofar as it involves the related parties, exceeded 25 per cent of the company's market capitalization (as determined under MI 61-101).

The debentures and underlying securities subject shares are subject to a statutory hold period expiring on May 13, 2024.

About Class 1 Nickel and Technologies Ltd.

Class 1 Nickel and Technologies is a mineral resource company focused on the development of its 100-per-cent-owned Alexo-Dundonald property, a portfolio of komatiite-hosted magmatic nickel/copper/cobalt sulphide mineral resources located near the city of Timmins, Ont. The corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge nickel mine as well as additional property interests.

We seek Safe Harbor.