First Phosphate Corp. (CSE:PHOS) plans to complete a non-brokered private placement for gross proceeds of up to $2 million or more, the company announced.
The plan is to issue up to 1.25 million flow-through units at a price of $0.80 per unit, with each unit including one common share and one half of one common share purchase warrant exercisable for $1.25.
The company also intends to issue up to about 1.43 million or more hard dollar units at a price of $0.70 per unit, with each unit containing one share and one-half of one warrant.
The gross proceeds from the issuance of FT Units will be used to incur "Canadian exploration expenses" that are "flow-through mining expenditures,” primarily for drilling at the company's Bégin-Lamarche and Lac à l'Orignal properties in Quebec. The proceeds from the issuance of HD units will be used for general corporate purposes, the company said.
The offering is expected to close on or about April 21.
First Phosphate is a mineral development company fully dedicated to extracting and purifying phosphate for the production of cathode active material for the lithium iron phosphate (LFP) battery industry.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel