First Phosphate announces $15 million private placement offering

First Phosphate Corp. (CSE: PHOS) (OTCQX: FRSPF) (FSE: KD0) has entered into an agreement with Integrity Capital Group Inc. to conduct a private placement offering for up to $15 million in gross proceeds.

The company will sell up to 25 million units at C$0.60 per unit through the offering. Each unit consists of one common share and one warrant, with warrants exercisable at C$0.90 per share for 36 months from the closing date.

The offering will be conducted under Canada's listed issuer financing exemption and may be offered in the United States and offshore jurisdictions on a private placement basis where permitted by law. The company intends to close the offering on October 10, 2025.

First Phosphate plans to use the net proceeds to complete feasibility studies and permitting for its Bégin-Lamarche Property in Quebec, develop downstream infrastructure, pursue acquisitions, and fund general corporate purposes.

Integrity Capital Group will receive an 8% cash commission on gross proceeds and broker warrants equal to 8% of units sold, with potential reductions to 2% for certain purchases. The broker warrants are exercisable at $0.90 per share for 36 months following closing.

The company stated it will seek approval to list the warrant shares on the Canadian Securities Exchange, though no assurance was provided that such listing will be obtained. Securities sold to Canadian residents will not be subject to hold periods under Canadian securities legislation.

First Phosphate develops high-purity phosphate for the lithium iron phosphate battery industry, with its flagship project located in Quebec's Saguenay-Lac-Saint-Jean region.

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