First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF) said over the weekend it will raise a minimum of C$1 million through a non-brokered private placement to support exploration work at its phosphate projects in Québec.
The financing will be offered at C$0.35 per security and will consist of a mix of flow-through shares and hard dollar units.
Each hard dollar unit will include one common share and one-half of a common share purchase warrant.
Full warrants will be exercisable at C$0.50 per share until the end of December 2025, subject to potential early expiry.
Proceeds from the flow-through shares will be used to fund Canadian exploration expenses eligible under federal tax guidelines, while the funds raised from hard dollar units will support exploration, development, and general corporate purposes, the company said.
First Phosphate is focused on developing phosphate resources to serve the North American lithium iron phosphate (LFP) battery market.