First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) announced that it has raised more than $3 million through the recent exercise of share purchase warrants, adding to its funding base as it advances development plans.
The company reported gross proceeds of $3,070,549 following the exercise of 2,456,439 warrants ahead of their expiry in late April, with each warrant converted at a price of $1.25 per share.
Following the transactions, First Phosphate said it has 179.9 million common shares outstanding, along with 2.63 million warrants, 7.65 million stock options and 1.98 million restricted share units.
The company noted that all remaining warrants, options and restricted share units are held by current employees, management and board members.
First Phosphate added that it remains debt-free and is advancing on an accelerated development timeline, supported in part by a previously announced $16.7 million non-repayable contribution from the Government of Canada.
Since June 2022, the company said it has raised approximately $62.5 million through a combination of management-led, non-brokered private placements and proceeds from option and warrant exercises.
Shares of First Phosphate jumped nearly 4% in Toronto and over the counter in the US on Monday morning.