First Phosphate Corp Announces $1 Million Private Placement

First Phosphate Corp., based in Saguenay, Quebec, announced a non-brokered private placement of a minimum gross amount of US$1 million. The offering will consist of flow-through shares and common units, each priced at US$0.35 per unit. The funds will be used to fund exploration expenses in Canada and to support general corporate operations.

The common shares with stock options will, under certain conditions, allow the purchase of shares at $0.50 each until the end of 2025. In addition, investment dealers will receive clearing fees and warrants based on the amounts raised.

The company emphasizes that this transaction is subject to regulatory approvals and the securities issued will be subject to a holding period of four months and one day. The closing date is set for December 31, 2024, with possible tranches.