First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) announced the closing of its most recent non‑brokered private placement, raising a total of C$2.95 million.
The mineral development company said the offering was subscribed to by an existing investor, and other follow-on investors.
First Phosphate issued 4,749,000 flow-through shares, at a price of $0.50 per share, for gross proceeds of C$2,374,500, and 1,150,000 hard dollar units, at a price of $0.50, for gross proceeds of C$575,000.
The company previously noted that gross proceeds from the flow-through offering will be used to incur "Canadian exploration expenses" that are "flow-through mining expenditures "related to its projects in Québec.
Net proceeds received from the hard dollar unit offering, meanwhile, will be used for exploration and development activities, working capital and for general corporate purposes.
First Phosphate added that, including this offering, it has raised a total of about C$31.4 million to date in nine management-led non-brokered private placement financings since June 2022. Of those offering about C$11.2 million have been closed in the last three months.