First Phosphate Corp. (CSE:PHOS) CEO John Passalacqua and Chairman Laurence Zeifman join Proactive's Stephen Gunnion with the news that that members of the company's management team and board of directors have reached a deal to purchase 50% of the shares currently held by Glen Eagle Resources.
Passalacqua explained that Glen Eagle acquired the shares as part of the 2022 settlement of First Phosphate's acquisition of the Lac à l’Orignal flagship property in Quebec. He said Glen Eagle now needed to dispose of some assets to increase its liquidity and buying those shares was an "elegant solution" to maintain orderly trading and preserve shareholder value.
Zeifman said the agreement also demonstrates management and the board''s faith in the company.