The company completes a two-tranche funding round, raising total gross proceeds of C$17.7 million for project development.
First Phosphate Corp. closed its non-brokered private placement, raising approximately C$17.7 million in gross proceeds. The funding consisted of 7.2 million flow-through shares for C$14.5 million and 1.6 million hard dollar units for C$3.2 million.
The final tranche, completed on July 10, added C$2.3 million through 961,000 flow-through shares and 178,000 hard dollar units. Since June 2022, the company has raised about C$80.2 million across 11 private placements.
Proceeds will be used as outlined in the May 28 financing announcement, with finder’s fees totaling C$169,000 and compensation shares and warrants issued.