11:14 AM EDT, 07/09/2025 (MT Newswires) -- First Phosphate ( FRSPF ) on Wednesday said raised $3.23 million as it closed a financing to the strategic investor and other follow-on investors.

The company said it issued 9.1 million flow-through shares at a price of $0.35 each for gross proceeds of $3.2 million. It also sold 100,142 hard dollar units priced of $0.35 each, made up of 100,142 common shares and 50,071 warrants, for gross proceeds of $35,049.70.

The company said that the offering was completed on substantially the same terms as its earlier $1 million non-brokered private placement announced on May 9 which was oversubscribed for proceeds of $3.5 million and which closed on May 27 and June 2.

The company said it plans to use the proceeds from the offering as disclosed in its earlier announcement.

The company had said on June 30, said proceeds from the flow-through offering will be used to incur Canadian exploration expenses at its projects in Quebec. It also said proceeds of the hard dollar unit offering will be used for exploration and development activities, working capital and for general corporate purposes.

The company's shares were last seen up $0.005% to $0.36 on the Canadian Securities Exchange.

Price: 0.36, Change: +0.01, Percent Change: +1.41