First Phosphate closes third tranche of private placement for $4.7M

First Phosphate Corp. (CSE: PHOS) (OTCQB: FRSPF) (FSE: KD0) closed the third tranche of its private placement financing on September 19, 2025, raising $4.7 million.

The third tranche consisted of 3,168,400 flow-through shares generating $1.58 million and 6,220,000 hard dollar units for $3.1 million. The hard dollar units include 6,220,000 common shares and 3,110,000 warrants.

Across all three tranches of the offering, First Phosphate raised $11.4 million through 13,067,400 flow-through shares totaling $6.5 million and 9,785,000 hard dollar units for $4.89 million.

The company has raised approximately $39.9 million through nine private placements since June 2022, with $19.6 million closed in the past five months. Investors included private family offices and institutional funds such as AlphaNorth Asset Management.

"Thanks to the trust placed in us, 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 $35,600 in cash and issued 151,520 common shares and 222,720 compensation warrants to finders for the third tranche. Total finder's fees across all tranches included $96,800 in cash, 694,640 common shares and 888,240 compensation warrants.

Companies controlled by Chairman Larry Zeifman and director Peter Nicholson each purchased 280,112 common shares in the offering. All securities are subject to a four-month statutory hold period.

First Phosphate also entered a 13-month marketing contract with NaFinance.com for $2,800, beginning September 22, 2025.

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