First Phosphate builds capital runway to final investment decision

First Phosphate Corp. CEO John Passalacqua joined Steve Darling from Proactive to discuss the successful closing of the final tranche of the company’s non-brokered private placement, raising $17.7 million in gross proceeds to support development of its flagship Bégin-Lamarche phosphate project in Québec. Passalacqua said the financing included the issuance of 7.24 million flow-through shares, generating $14.48 million, and 1.61 million hard dollar units, raising an additional $3.22 million. With the completion of this financing, First Phosphate has now raised approximately $82.2 million since June 2022 through 11 management-led non-brokered financings, as well as proceeds from option and warrant exercises. The company plans to use the proceeds to advance its Bégin-Lamarche property in the Saguenay–Lac-Saint-Jean region of Québec, a high-purity igneous phosphate deposit that management believes is well positioned to support the growing North American lithium iron phosphate (LFP) ...