First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) has closed the final tranche of an oversubscribed private placement, raising a total of $11.5 million to advance its phosphate mining plans in Quebec.
The Saguenay-based company said the non-brokered offering was completed in four tranches, with the latest closing on September 19.
In total, the raise included $6.65 million from flow-through shares, which offer tax advantages to Canadian investors when used for qualifying exploration, and $4.89 million through standard units sold at market.
The last tranche brought in $115,000 through the sale of 230,000 flow-through shares.
In a statement, chief executive John Passalacqua said the company is now “well-capitalized” and remains on track to deliver a feasibility study by the end of 2026, followed by mining permits in 2027 and first production by mid-2029.
“Our timelines are aggressive, and so they should be: an integrated North American lithium iron phosphate battery supply chain is a matter of national security to both the United States and Canada,” he said.
The company has now raised approximately $40 million across nine management-led private placements since June 2022, including nearly $20 million in the past five months.
Investors include long-only institutional funds and private family offices, among them AlphaNorth Asset Management.
Insiders also participated in the raise. Companies controlled by board chair Larry Zeifman and director Peter Nicholson each subscribed for just over 280,000 shares.
The company’s flagship Bégin-Lamarche project in Saguenay–Lac-Saint-Jean aims to produce high-purity phosphate from igneous rock to supply the growing North American lithium iron phosphate battery market.