First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF) said on Monday it has closed the fourth and final tranche of its non-brokered private placement financing, bringing total gross proceeds from the offering to about C$9.6 million.
The Canada-based mineral development company said the financing was completed through four tranches and included the issuance of about 8 million flow-through shares for gross proceeds of C$7.2 million, along with roughly 2.7 million hard dollar units raising about C$2.4 million.
In the final tranche, First Phosphate raised nearly C$3 million through the issuance of about 2.1 million flow-through shares for proceeds of C$1.85 million and roughly 1.25 million hard dollar units for proceeds of about C$1.13 million. Each hard dollar unit consisted of one common share and one warrant.
The company said that, including this financing, it has raised approximately C$49.7 million across 10 management-led, non-brokered private placements since June 2022.
In connection with the final tranche, First Phosphate issued 24,000 compensation common shares and 24,000 compensation warrants, each exercisable at C$1.25 per share until April 30, 2026, subject to an accelerated expiry.
The company also revised disclosure related to its third tranche, confirming it issued 52,444 compensation common shares and an equal number of compensation warrants in that tranche.