First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) CEO John Passalacqua talked with Proactive about the company’s latest $3 million financing through a warrant exercise and what it means for its financial position and project development timeline.
Proactive: All right welcome back inside our Proactive newsroom. And joining me now is John Passalacqua. He is the CEO of First Phosphate. And John good to see you again. How are you?
John Passalacqua: Yeah I'm great. Thanks for having me.
The company with significant news today—you’ve brought in another $3 million through a warrant exercise. Long-term shareholders showing their support.
Yeah it's great. These were the last client and broker warrants out there. After this, there are no more warrants in the hands of clients or brokers. We become completely warrant free from that perspective. Shareholders were great—a good majority in this last tranche exercised all of their warrants.
This is significant as it adds $3 million and gives you a strong runway alongside government funding.
Yes, the treasury was already around $20 million. With this, we’re at about $22–23 million. Additionally, the Canadian federal government provided a $16.7 million non-dilutive, non-reimbursable contribution to develop our concentrator for LFP cathode active material from the Bégin-Lamarche property.
You’ve done a lot of groundwork—what’s next?
The next stage is completing the feasibility study after finalizing the resource estimate. We aim to complete it by year-end, which will be a key milestone.
It’s important to mention we are funded through feasibility and final investment decision, with a runway of 18 to 24 months.
That takes pressure off raising capital.
Exactly. That’s what shareholders recognized—they wanted to provide extra cushion and deepen their investment.
Talk about your capitalization table.
There are about 180 million shares outstanding. Remaining dilution instruments are held internally by staff and management. The cap table is now clean and streamlined, with strong funding to reach feasibility and permitting milestones.
Exciting times ahead.
Thank you, great to be here.
Quotes have been lightly edited for style and clarity