First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) has closed a $15.4 million financing to continue advancing its work in the North American LFP battery industry.
The company raised gross proceeds of $2.9 million through the issuance of just over 1.4 million hard dollar units at $2 per unit, and $12.6 million through nearly 6.3 million flow-through shares also priced at $2 per share.
Combined with previous rounds, First Phosphate has raised approximately $78 million since June 2022 across 11 management-led, non-brokered private placements and proceeds from option and warrant exercises.
CEO John Passalacqua said the financing positions the company to advance exploration and development as the lithium iron phosphate battery industry onshores rapidly into North America, driven by demand from energy storage, AI data centers, factory automation and national security applications.
"The company continues to view igneous phosphate in multi-generational timelines and as the new gold of the energy transition," Passalacqua said.