First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF) closed the second and final tranche of a non-brokered private placement, raising a total of C$3.52 million, as the Canadian company advances its development plans.
With this latest financing, First Phosphate has now raised approximately C$23.8 million across seven non-brokered, management-led private placements since June 2022.
The company said proceeds from the offering will be used for exploration and development at its Quebec assets as well as working capital general corporate purposes.
The most recent financing consisted of 7.28 million flow-through shares at C$0.35 each for gross proceeds of about C$2.77 million, and 2.12 million hard dollar units for gross proceeds of approximately C$744,000.
Each hard dollar unit comprised one common share and half a warrant, with each full warrant exercisable at C$0.50.
Under the final tranche, the company raised C$1.13 million, issuing 2.88 million flow-through shares and nearly 335,000 hard dollar units.
In connection with the offering, the company paid C$800 in cash finder’s fees, issued 471,152 compensation and advisory shares at C$0.35 per share, and granted almost 445,000 compensation warrants exercisable until the end of 2025.