First Phosphate Corp. (CSE:PHOS) announced that CEO John Passalacqua has indirectly acquired an additional 366,500 common shares in the open market, bringing his beneficial ownership to over 11.2 million shares and 2.9 million convertible securities.
Passalacqua's holdings now represent approximately 18.82% of the outstanding shares on a non-diluted basis and 18.11% on a partially diluted basis, the company said in a statement.
Passalacqua, through ExpoWorld Ltd., acquired 378,948 restricted share units (RSUs) in September 2023, and an additional 792,000 RSUs, 150,000 incentive stock options, and 875,000 warrants in December 2023.
Vested RSUs led to the issuance of 576,948 shares, and ExpoWorld's acquisition included 189,474 shares in December 2024 for debt settlement.
Shpirtrat Trust, another entity controlled by Passalacqua, purchased 20,000, 253,000, and 366,500 shares in November 2023, March 2024, and July 2024, respectively, at an average price of approximately $0.24 per share, totaling $123,063.
First Phosphate is a mineral exploration and development company focused on producing high-purity, ESG-compliant phosphate material for the Lithium Iron Phosphate (LFP) battery industry, aiming to integrate into the R&D and supply chains of major North American LFP battery producers.