North American Nickel Inc. Provides Update on $10M Brokered Private Placement

July 6, 2015

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2015) - North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) (the "Company") is pleased to provide, further to the Company's news release dated June 8, 2015, an update on the recently announced private placement.

The Company has agreed with its agents (the "Agents") that the previously announced private placement (the "Offering") will consist of the issuance and sale of up to 45,454,545 units of the Company (the "Units") at a price of CAD$0.22 per Unit (the "Issue Price"). Each Unit will be comprised of one common share of the Company (a "Common Share"), and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional Common Share at an exercise price of CAD$0.30 per Common Share for a period of 24 months following the closing date of the Offering. The gross proceeds of the private placement will be up to CAD$10,000,000, of which up to CAD$6,000,000 may be non-brokered and sold to subscribers introduced to the Offering by the Company (the "President's List").

The Company has agreed to pay the Agents a cash fee equal to 7.0% of the gross proceeds from the Offering. As additional compensation, the Agents will be issued compensation options entitling the Agents to purchase that number of Common Shares equal to 7.0% of the number of Units sold under the Offering exercisable at the Issue Price for a period of 24 months from the closing date of the Offering. The cash fee and the compensation options will not be payable in respect of sales to subscribers on the President's List. The Company has also agreed to grant the Agents an option to arrange for the purchase of up to an additional 6,818,181 Units under the Offering at the Issue Price.

Sentient Executive GP IV, Limited (for the general partner of Sentient Global Resources Fund IV, L.P (collectively, "Sentient") intends to invest its pro-rata amount in the financing in order to maintain its 46% position in the capital of the Company. Sentient, which is an insider and a related party of the Company, beneficially owns, or exercises control or direction over, 81,771,285 Common Shares of the Company, or approximately 46% of the issued and outstanding Common Shares of the Company, and no warrants.

Due to the fact that Sentient, who is an insider and related party of the Company, will subscribe for Common Shares, its subscriptions under the financing will be "related party transaction" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Sentient subscription will be completed in reliance on (i) an available exemption from the formal valuation requirement of MI 61-101 provided in paragraph (b) of Section 5.5 of MI 61-101 and (ii) an available exemption from the minority shareholder approval requirement of MI 61-101 provided in paragraph (a) of Section 5.7 of MI 61-101. Neither the fair market value of the Common Shares issued nor the consideration paid for the Common Shares pursuant to the Sentient portion of the Offering will exceed 25% of the Company's market capitalization.

The net proceeds of the financing will be used to fund the Company's 2015 exploration and zone drilling programs at its 100% owned Maniitsoq nickel sulphide project in south western Greenland, and to provide additional working capital.

About North American Nickel

North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland and Sudbury, Ontario.

The Maniitsoq property in Greenland is a Camp scale project comprising 2,954 square km covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland, which is pack ice free year round.

The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-platinum group metal deposit of KGHM International Ltd. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.

Cautionary Note Regarding Forward-looking Statements

This press release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws concerning the business, operations and financial performance and condition of the Company. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the ability to complete the port assignment, the ability of the Company to realize upon the benefit of owning the port, impact of mineralogy, estimation of mineral resources at mineral projects of the Company; economics of production; success of exploration activities; the future economics of minerals including nickel and copper; synergies and financial impact facilities; the benefits of the development potential of the properties of the Company and currency exchange rate fluctuations. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include difficulties realized in completion of the assignment, barriers to the assignment, difficulties in development of the assets and suitability of the port in relation to development of the assets of the Company, variations in metal grades, changes in market conditions, variations in recovery rates, risks relating to international operations, fluctuating metal prices and currency exchange rates, and other risks of the mining industry, including but not limited to the failure of plant, equipment or processes to operate as anticipated. The Company cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed.

Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.

ON BEHALF OF THE BOARD OF DIRECTORS

Mark Fedikow, President

North American Nickel Inc.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information:
North American Nickel Inc.
Jaclyn Ruptash
Corporate Communications
604-986-2020 or Toll free: 1-866-816-0118
604.770.4334 1.866.816.0118
C/o Bennett Jones LLP Attn: Sander Grieve 3400 - One First Canadian Place, P.O. Box 130,
Toronto, Ontario, M5X 1A4