First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF) announced that it has raised approximately $2.4 million through a non-brokered private placement.
First Phosphate issued 4.4 million Flow-Through Shares for gross proceeds of $1.8 million and 1.8 million Hard Dollar Units, comprising 1.8 million shares and 895,000 warrants, for gross proceeds of $600,000.
As previously disclosed by the company, the proceeds from the Flow-Through Offering will be used to incur “Canadian exploration expenses” as defined by the Income Tax Act of Canada at its projects in Québec.
The proceeds from the Hard Dollar Offering will be used for exploration and development activities, working capital and for general corporate purposes
This financing brings the company’s total capital raised to $22.7 million across seven management-led, non-brokered private placements since June 2022, First Phosphate highlighted.
As part of the offering, First Phosphate paid $800 in finder's fees and issued 239,918 compensation shares and advisory common shares priced at $0.35 per share.
The company also issued 213,633 compensation warrants, which are exercisable at $0.50 per common share until December 31, 2025, subject to an accelerated expiry date.