First Phosphate Closes Oversubscribed Private Placement to Existing and Follow-On Investors

Core Viewpoint - First Phosphate Corp. successfully closed an oversubscribed private placement, raising a total of $2.95 million from existing and follow-on investors [1][2]. Financing Details - The company issued 4,749,000 Flow-Through Shares at $0.50 each, generating gross proceeds of $2,374,500, and 1,150,000 Hard Dollar Units at the same price, yielding $575,000 in gross proceeds [2]. - Since June 2022, First Phosphate has raised approximately $31.4 million through nine management-led non-brokered private placements, with about $11.2 million raised in the last three months [3]. - The company incurred $25,200 in cash finder's fees and issued 218,320 compensation shares and 268,720 Compensation Warrants, all subject to a four-month and one-day hold period [3]. Future Plans - Proceeds from the offering will be utilized as disclosed in the company's previous press release dated August 5, 2025, with the potential for another tranche of the offering to be closed at the company's discretion [3]. - The company has approved the grant of 1,826,400 restricted share units (RSUs) to eligible directors, management, and consultants, which will vest on February 28, 2026 [5]. Company Overview - First Phosphate Corp. is focused on producing high-purity phosphate for the lithium iron phosphate (LFP) battery industry, emphasizing sustainable extraction methods [6]. - The company's flagship project, the Bégin-Lamarche Property in Quebec, features rare igneous anorthosite rock that provides high-purity phosphate with minimal impurities [6].