First Phosphate Closes Oversubscribed Private Placement

First Phosphate Corp. announced the successful closing of its non-brokered private placement, initially anticipated at $1 million but totaling $2,695,459. The Company issued 7,448,455 flow-through shares for $2,606,960 and 252,857 common shares for $88,500. CEO John Passalaqua expressed his satisfaction with the involvement of diverse and non-traditional investors. The securities are subject to a hold period of four months and one day.

As part of this financing, Larry Zeifman, Director, acquired 285,714 flow-through shares. In addition, 3,100,000 restricted share units were awarded to employees for the year-end bonus. Finally, 574,389 shares were issued to the Pekuakamiulnuatsh First Nation for exploration expenses.