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First Phosphate Corp. Announces Successful Closing of Non-Brokered Private Placement Financing

Saguenay, Quebec–(Newsfile Corp. – December 29, 2023) – First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) (“First Phosphate” or the “Company”) is excited to share that it has successfully closed on the second tranche of its non-brokered private placement financing, which was initially announced for gross proceeds of a minimum of $2,000,000. This financing marks another significant milestone for the Company as it continues its growth and development in the mineral extraction industry. The Offering, as further detailed in the Company’s news release dated December 14 and 22, 2023, witnessed an overwhelming response, with the Initial Tranche and Second Tranche both being significantly oversubscribed.

The success of the Second Tranche is underscored by the issuance of 3,090,438 Hard-Dollar Units and 12,560,000 Flow-Through Shares, which resulted in aggregate gross proceeds of $7,516,175 between the two tranches of financing. The Company is now looking ahead to a potential subsequent final tranche of the financing, scheduled for closing on or about January 10, 2024. This final tranche will reflect hard cash subscriptions and 2024 flow-through subscriptions, further solidifying the Company’s position in the market.

One of the noteworthy aspects of the Second Tranche is the active participation of insiders in the Company, with key executives such as Gilles Laverdiere, the Chief Geologist, and Jerome Clich├®, Vice-President of Business Development, making significant purchases of Flow-Through Shares and Hard-Dollar Units. This level of involvement from insiders speaks to their confidence in the Company’s growth trajectory and its strategic vision for the future.

Additionally, the Company has also completed a credit agreement to address its working capital needs. This agreement, cemented with members of its management team and board of directors, includes a secured revolving credit facility of $2,100,000, further bolstering the Company’s financial position and ensuring its ability to pursue its operational objectives.

The Company’s overall commitment to empowering its team and driving growth is evident in its recent announcement of restricted stock unit (RSU) and option grants to certain eligible persons. These grants align with the Company’s Omnibus Equity Incentive Plan and serve as a testament to its dedication to nurturing and retaining talent.

In light of these developments, the use of AI legalese decoder in the process of issuing stock units, options, and credit agreements could streamline the entire process significantly. AI legalese decoder can assist in the creation of legally-compliant, easily understandable documentation, ensuring that all parties involved are on the same page.

As a company focused on continued growth, expansion, and establishing itself as a key player in the mineral development industry, First Phosphate Corp. remains committed to upholding the highest standards of transparency and compliance in its operations.

For further information about First Phosphate Corp. and its ongoing projects, interested parties can visit the Company’s official website to access comprehensive details about its operations, vision, and future plans.

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