First Phosphate closes second tranche of financing bringing in a total of $7.5 million to treasury
First Phosphate Corp CEO John Passalacqua joined Steve Darling from Proactive to share significant news about the company's strong start to 2024.
First Phosphate has successfully completed an oversubscribed financing round, which has brought in a substantial influx of capital. Passalacqua expressed the company's satisfaction with the robust investor interest, emphasizing that it reflects a substantial vote of confidence in First Phosphate. The financing round has attracted a multitude of new shareholders, including several institutional investors.
One of the company's key strengths lies in its comprehensive approach to critical minerals like phosphate, encompassing the entire supply chain, from mining and processing phosphate concentrate to producing purified phosphoric acid, and ultimately, contributing to LFP cathode active material production.
This substantial capital injection positions the company to move forward with its winter drilling plans, aimed at fully exploring the Bégin-Lamarche high-purity igneous rock phosphate horizon, conveniently located just 70 km from the deep-sea Port of Saguenay. The successful financing sets the stage for exciting developments on the horizon for First Phosphate Corp in the coming year.
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