First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) CEO John Passalacqua talked with Proactive about the company’s recently completed private placement financing.
Passalacqua said the company raised $2.3 million through a hard dollar financing. He said the funds will be used to continue drilling at the Lac à l'Orignal property and for preparation work at the Begin-Lamarche property.
“We just closed $2.3 million in a hard dollar financing,” he said.
Passalacqua said that with approximately $4 million now in the bank, the company is in a strong position to advance its plans.
He added that the company has now secured about $17 million in total funding since it began.
He said the objective remains to build a vertically integrated operation to supply phosphate for the LFP battery industry in North America.
Passalacqua also discussed surface phosphate mineralisation at Begin-Lamarche and noted that the company is preparing to drill that property.
He said assay results from the current Lac à l'Orignal drill program are expected within a month and will support an updated resource estimate.