First Phosphate updates on private placement

First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) has cancelled its planned private placement announced on September 29, citing market volatility. The company said that despite strong investor interest, “now is not an opportune time” to proceed. Chief executive John Passalacqua added that previous financings have left the company well funded to continue development. Based in Saguenay, Quebec, First Phosphate focuses on producing high-purity phosphate for lithium iron phosphate batteries through a vertically integrated, low-carbon process.