First Phosphate Closes Third Tranche of Oversubscribed Private Placement

Core Viewpoint - First Phosphate Corp. has successfully closed the third tranche of its non-brokered private placement financing, raising a total of $11.4 million across three tranches, which positions the company well for future developments in the lithium iron phosphate battery supply chain [1][2][4]. Financing Details - The total gross proceeds raised from the three tranches of the Offering amount to $11.4 million, consisting of $6.5 million from 13,067,400 Flow-Through Shares and $4.89 million from 9,785,000 Hard Dollar Units [2]. - In the third tranche alone, the company raised $4.7 million, which includes $1.58 million from 3,168,400 Flow-Through Shares and $3.1 million from 6,220,000 Hard Dollar Units, comprising common shares and warrants [3]. Capitalization and Future Plans - Since June 2022, First Phosphate has raised approximately $39.9 million through nine management-led non-brokered private-placement financings, with $19.6 million closed in the last five months [4]. - The company aims to complete a feasibility study by the end of 2026, secure mining permits by mid-2027, and establish an operating igneous phosphate mine by mid-2029, supported by definitive offtake agreements [5]. Insider Participation - Related parties, including the Chairman and a director of the company, purchased 280,112 Common Shares each as part of the Offering [7]. - The transactions involving related parties are exempt from formal valuation and minority shareholder approval requirements under MI 61-101 due to the fair market value of the shares not exceeding 25% of the company's market capitalization [8][9]. Marketing Initiatives - The company has entered into a 13-month advertising and e-marketing contract with NaFinance.com to enhance its marketing efforts, with an initial payment of $2,800 [6]. Company Overview - First Phosphate Corp. is focused on producing high-purity phosphate for the lithium iron phosphate battery industry, emphasizing sustainable extraction and a low carbon footprint [11]. - The flagship project, the Bégin-Lamarche Property in Quebec, is designed to yield high-purity phosphate with minimal impurities, directly connecting mining operations to North American battery supply chains [11].