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First Phosphate Closes Oversubscribed Private Placement to Existing and Follow-On Investors
Newsfile· 2025-08-25 11:07
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].
First Phosphate Closes Final Tranche of Oversubscribed Private Placement
Newsfile· 2025-07-16 20:30
Core Viewpoint - First Phosphate Corp. has successfully closed the final tranche of a $2,000,000 non-brokered private placement financing, raising a total of approximately $4,692,329 through the issuance of Flow-Through Shares and Hard Dollar Units [1][2][3]. Financing Details - The total gross proceeds raised from both tranches of the Offering amount to $4,692,329, which includes 12,856,513 Flow-Through Shares and 550,142 Hard Dollar Units, all priced at $0.35 each [2]. - In the final tranche, the Company raised $1,462,800 by issuing 3,729,428 Flow-Through Shares and 450,000 Hard Dollar Units [3]. - Since June 2022, the Company has raised approximately $28.5 million through 8 management-led non-brokered private-placement financings, with about $8.2 million closed in the last 3 months [4]. Compensation and Fees - The Company paid $1,600 in cash finder's fees and issued 894,998 Compensation Shares and 899,570 Compensation Warrants, with the latter exercisable at $0.50 per common share until December 31, 2025 [4]. Use of Proceeds - The proceeds from the Offering will be utilized as disclosed in the Company's press release dated June 30, 2025 [4]. Company Overview - First Phosphate Corp. is focused on producing high-purity phosphate for the lithium iron phosphate (LFP) battery industry, emphasizing sustainable extraction and purification methods [7]. - The flagship project, the Bégin-Lamarche Property, is located in Saguenay-Lac-Saint-Jean, Quebec, and is known for its rare igneous anorthosite rock that yields high-purity phosphate with minimal impurities [7]. Marketing Initiatives - The Company has entered into a 120-day advertising and e-marketing contract with Revolution Small Cap Marketing for marketing services, including social media engagement, with an initial payment of $15,000 [6].