First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF) announced that it has completed a private placement financing with a strategic investor and follow-on participants, raising gross proceeds of approximately $3.2 million.
The company issued approximately 9.13 million Flow-Through Shares at $0.35 each, raising about $3.19 million.
It also sold about 100,140 Hard Dollar Units, each consisting of one share and half a warrant, at $0.35 per unit, raising around $35,000.
As previously disclosed by the company, the gross proceeds from the Flow-Through Offering will be used to incur “Canadian exploration expenses” that qualify as “flow-through mining expenditures” under the Income Tax Act (Canada), directly supporting the company’s exploration projects in Québec.
The net proceeds from the Hard Dollar Unit Offering will be allocated to exploration and development activities, working capital, and general corporate purposes.
First Phosphate highlighted that this financing follows an earlier non-brokered private placement from May 2025 that was oversubscribed and closed with $3.5 million in proceeds.
Since June 2022, First Phosphate has raised a total of approximately $27 million through eight management-led, non-brokered financings.