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 $2.18 million from existing and follow-on investors, indicating strong investor interest and confidence in the company's strategic direction [1][2]. Financing Details - The company issued 2,244,722 Flow-Through Shares at a price of $0.90 per share, generating gross proceeds of $2,020,250, and 177,666 Hard Dollar Units at the same price, yielding gross proceeds of $159,899 [2]. - Since June 2022, First Phosphate has raised approximately $42.2 million through 10 management-led non-brokered private-placement financings [3]. Compensation and Warrants - In connection with the Offering, the company issued 178,698 compensation common shares and 178,698 Compensation Warrants, which are exercisable at $1.25 per common share until April 30, 2026, with an Accelerated Expiry Date clause [3][4]. - The Compensation Warrants can be accelerated if the volume-weighted average trading price of the common shares exceeds $2.00 for five consecutive trading days [4]. Company Overview - First Phosphate is focused on developing a vertically integrated lithium iron phosphate (LFP) battery supply chain for North America, targeting markets such as energy storage, data centers, robotics, mobility, and national security [5]. - The company's flagship property, Bégin-Lamarche, is located in Saguenay-Lac-Saint-Jean, Quebec, and is noted for its high-purity phosphate resource [7].