First Phosphate closes final tranche of private placement, raises total of C$17.7M

First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) announced it has closed the last tranche of its non-brokered backstage placement financing, bringing full gross proceeds raised crossed 2 tranches to astir C$17.7 million.

The institution raised astir C$17.7 cardinal done the issuance of 7.2 cardinal flow-through shares for astir C$14.5 cardinal and 1.6 cardinal hard dollar units for astir C$3.2 million.

The last tranche, which closed connected July 10, generated astir C$2.3 cardinal successful gross proceeds done the issuance of astir 961,000 flow-through shares for C$1.9 cardinal and astir 178,000 hard dollar units for astir C$357,000. Each hard dollar portion consists of 1 communal stock and 1 warrant.

First Phosphate said that, including the existent financing and funds received from enactment and warrant exercises, it has raised astir C$80.2 cardinal since June 2022 done 11 management-led non-brokered backstage placements.

In transportation with the latest tranche, the institution paid C$12,000 successful currency finder's fees, issued astir 8,000 compensation shares astatine a deemed terms of C$2.00 each, and granted astir 14,000 compensation warrants. Across some tranches, full finder's fees amounted to astir C$169,000, with astir 331,000 compensation shares and astir 424,000 compensation warrants issued.

The institution said it intends to usage the proceeds arsenic antecedently outlined successful its May 28 financing announcement. Under that plan, proceeds from the flow-through stock offering volition money eligible exploration expenditures astatine its Québec projects, portion nett proceeds from the hard dollar portion offering volition beryllium utilized for improvement activities, moving superior and wide firm purposes. The institution besides said it whitethorn implicit an further tranche of the offering, taxable to Canadian Securities Exchange policies.

Separately, First Phosphate announced the assignment of Peter Kent to its committee of directors, effectual July 10. Kent antecedently served the institution arsenic president, manager and adviser. All existing directors volition stay connected the board.

Following Kent's appointment, the institution restructured its audit committee. Kent replaces John Passalacqua connected the committee, which is present chaired by Laurence W. Zeifman and besides includes Peter J. F. Nicholson.

The institution besides granted Kent astir 51,000 restricted stock units, with vesting scheduled for Aug. 31, 2026, and Feb. 28, 2027, arsenic good arsenic 300,000 banal options exercisable astatine C$2 per stock until Dec. 29, 2028. The options volition vest successful 4 adjacent tranches betwixt January 2027 and July 2028.