First Phosphate Corp. has announced that, on Friday, it closed its financing to a strategic investor and other follow-on investors on terms as described in the company’s press release dated November 7, 2025.
The company raised a total of $2.18 million through the issuance of 2,244,722 flow-through shares at a price of $0.90 per flow-through share for gross proceeds of $2,020,250, and 177,666 hard dollar units at a price of $0.90 per hard dollar unit for gross proceeds of $159,899.
Together with this offering, the company has raised to date a total of $42.2 million in 10 management-led non-brokered private-placement financings since June 2022.
In connection with the offering, the company issued 178,698 compensation common shares at a deemed price of $0.90 per common share.
It issued 178,698 compensation warrants, exercisable at a price of $1.25 per common share of the company, until April 30, 2026, subject to an accelerated expiry date.
All securities issued under the offering are subject to a four-month and one-day statutory hold period in accordance with applicable securities laws.
The company intends to use the proceeds from the offering as disclosed in the company’s press release dated November 7, 2025.
Capitalised terms used in this news release and not defined herein have the meanings given to them in the company’s statement on November 7.
The company may close another tranche of the offering at its discretion.
The company wishes to amend and clarify certain terms of the compensation warrants as disclosed in its press release dated November 7, 2025, originally announcing the Offering.
Each compensation warrant will entitle the holder thereof to acquire one common share for $1.25 per share until April 30, 2026, provided that if the volume weighted average trading price of the common shares on the Canadian Securities Exchange for any five consecutive trading days equals or exceeds $2.00, the company may, upon issuing a press release, accelerate the expiry date of the compensation warrants to the date that is 30 days following the date of such press release.
