First Phosphate Corp. (CSE:PHOS, OTCQB:FRSPF) announced that it has closed the final tranche of its oversubscribed non-brokered private placement, raising a total of $4.69 million through two tranches completed on July 8 and July 16.
The financing, which initially aimed to raise $2 million, saw strong investor demand, the company said.
This latest round brings First Phosphate’s fundraising total to $28.5 million since June 2022, across eight non-brokered, management-led rounds.
Notably, about $8.2 million of that has been secured in the past three months alone.
In the latest round, First Phosphate issued approximately 12.86 million Flow-Through Shares and approximately 550,000 Hard Dollar Units, both priced at $0.35 each. Each Hard Dollar Unit consists of one share and one-half warrant.
The final tranche, closed July 16, brought in $1.46 million, comprising 3.73 million Flow-Through Shares and 450,000 Hard Dollar Units.
In connection with the offering, the company paid $1,600 in cash finder’s fees and issued 895,000 Compensation Shares and advisory shares at $0.35 each, along with 900,000 Compensation Warrants.
These warrants are exercisable at $0.50 per share until December 31, 2025, subject to accelerated expiry conditions.