First Phosphate announces $1 million private placement from existing investor

First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) announced a non-brokered private placement seeking minimum gross proceeds of $1 million from an existing investor.

The offering will consist of flow-through shares at $0.50 per share and hard dollar units at $0.50 per unit. Each hard dollar unit includes one common share and half of one warrant, with full warrants exercisable at $0.50 per share until December 31, 2025.

Proceeds from flow-through shares will fund Canadian exploration expenses classified as flow-through mining expenditures under Canada's Income Tax Act for the company's Quebec projects. Hard dollar unit proceeds will support exploration activities, working capital and general corporate purposes.

The offering is expected to close around August 22, 2025. All securities will be subject to a four-month and one-day statutory hold period under applicable securities laws.

Eligible finders will receive fees up to 8% of gross proceeds from subscribers they introduce, plus compensation warrants equivalent to up to 8% of securities issued to their subscribers. Compensation warrants are exercisable at $0.50 per share until December 31, 2025, with potential acceleration if the company's shares trade at or above $0.80 for five consecutive days.

First Phosphate develops high-purity phosphate for the lithium iron phosphate battery industry. The company's flagship Bégin-Lamarche Property in Saguenay-Lac-Saint-Jean, Quebec, contains anorthosite rock that the company states yields high-purity phosphate.

Completion of the offering requires regulatory approvals and other conditions, according to the company's statement.

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