First Phosphate Corp. CEO John Passalacqua joined Steve Darling from Proactive to discuss the successful closing of the final tranche of the company’s non-brokered private placement, raising $17.7 million in gross proceeds to support development of its flagship Bégin-Lamarche phosphate project in Québec.

Passalacqua said the financing included the issuance of 7.24 million flow-through shares, generating $14.48 million, and 1.61 million hard dollar units, raising an additional $3.22 million.

With the completion of this financing, First Phosphate has now raised approximately $82.2 million since June 2022 through 11 management-led non-brokered financings, as well as proceeds from option and warrant exercises.

The company plans to use the proceeds to advance its Bégin-Lamarche property in the Saguenay–Lac-Saint-Jean region of Québec, a high-purity igneous phosphate deposit that management believes is well positioned to support the growing North American lithium iron phosphate (LFP) battery supply chain.

The company also announced the return of Peter Kent to its Board of Directors. Kent, a former Canadian journalist, federal cabinet minister, and Conservative Member of Parliament, previously served as president, director, and advisor to First Phosphate and played a key role in the company's development.

As part of the appointment, the company restructured its Audit Committee, with Kent replacing Passalacqua as a member. The committee is now chaired by Laurence W. Zeifman and includes Peter J. F. Nicholson and Peter Kent.

Management said the strengthened balance sheet and board enhancements position First Phosphate to continue advancing its mine-to-market strategy for supplying high-purity phosphate to North America's expanding LFP battery industry.

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