First Phosphate Corp. (CSE:PHOS) has announced that its chairman, Laurence Zeifman, and CEO, John Passalacqua, have made significant open market purchases of the company's common shares.
Zeifman, through a controlled corporation, acquired 370,500 shares between July 31 and August 9, 2024, at prices ranging from $0.17 to $0.217 per share.
Passalacqua has similarly increased his stake, purchasing 807,500 shares since the company’s listing on the CSE in February 2023, with recent acquisitions in August 2024 at prices between $0.17 and $0.21 per share.
"I believe that the underlying value of the company may not be reflected in the market price of the company's common shares and, as a result, I have acted on this misalignment to increase my holdings of the company's shares in the open market," Zeifman told investors in a statement.
First Phosphate recently completed a 25,929-meter drilling program at its Bégin-Lamarche property in Quebec, with a mineral resource estimate and preliminary economic assessment (PEA) forthcoming. The company will then decide which of its phosphate properties to advance to a full-scale feasibility study.