First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) shares climbed after the Quebec miner closed the final tranche of an oversubscribed private placement that raised $11.5 million.
The Saguenay-based company said the financing was completed in four stages, with the last bringing in $115,000 through the sale of 230,000 flow-through shares. In total, the raise included $6.65 million from flow-through shares, which give tax breaks to investors funding exploration, and $4.89 million from standard units priced at market.
Chief executive John Passalacqua said the funds leave the company “well-capitalized” as it works toward a feasibility study by late 2026, mining permits in 2027 and production by mid-2029. He called phosphate a strategic material for building a North American supply chain for lithium iron phosphate batteries.
The company has now secured about $40 million across nine placements since mid-2022, nearly half in the past five months. Investors include AlphaNorth Asset Management and insiders.
In morning trading, the stock was up 3.3% at 63 cents.