First Phosphate closes $11.5 million private placement financing

First Phosphate Corp. (CSE: PHOS) completed the final tranche of its private placement financing on September 19, raising a total of $11.5 million across four tranches, according to a company statement.

The financing consisted of 13.3 million flow-through shares generating $6.65 million and 9.8 million hard dollar units producing $4.89 million in gross proceeds. The final tranche raised $115,000 through 230,000 flow-through shares.

The company has raised approximately $40 million through nine private placements since June 2022, with $19.8 million raised in the past five months. Investors included private family offices and institutional funds such as AlphaNorth Asset Management.

"First Phosphate is now well-capitalized and remains on track to deliver a completed feasibility study by the end of 2026, mining permits by mid 2027 and an operating igneous phosphate mine supported by existing definitive, bankable offtake agreements by mid 2029," said CEO John Passalacqua.

The company paid $96,800 in finder's fees and issued 713,040 common shares and 906,640 compensation warrants exercisable at $0.50 per share until December 31, 2025. All securities are subject to a four-month statutory hold period.

Two company directors participated in the offering, with companies controlled by Chairman Larry Zeifman and director Peter Nicholson each purchasing 280,112 common shares.

First Phosphate also entered a 13-month marketing agreement with NaFinance.com for $2,800 to provide internet and social media engagement services beginning September 22.

The Quebec-based company develops high-purity phosphate for lithium iron phosphate battery production from its Bégin-Lamarche property in Saguenay-Lac-Saint-Jean.

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