First Phosphate Corp. (CSE:PHOS) today confirmed the closing of the third and final tranche of its oversubscribed share placing, which raised gross proceeds of $8.2 million.
The company, in a statement, said the final tranche was now complete – with the issue of 1.768 million ‘hard dollar units’, for $707,300 of gross proceeds.
It noted that, in the end, the equity funding process had been 311% oversubscribed.
The capital injection positions the company to advance and accelerate its operations, including additional drilling this winter.
"We are pleased by another large vote of confidence placed in First Phosphate by existing and new shareholders including a number of institutional investors," chief executive John Passalacqua said.
"We are now in position to be able to drill this winter and begin uncovering the full extent of the Bégin-Lamarche high-purity igneous rock phosphate horizon at only 70 km from the deep-sea Port of Saguenay."
Passalacqua added: “In our experience, proximity to port and access to infrastructure and workforce are the single largest determinants for the economic viability of any phosphate project.
“Bégin-Lamarche has all these strong requisites.
“We feel that it could become one of the first phosphate mines to see production in Quebec as we are now in a position to accelerate its development."