First Phosphate secures $3M from warrants and $16.7M government grant
First Phosphate Corp. has secured over $3 million from the recent exercise of warrants. The company, which remains debt-free, is also advancing its projects with a $16.7 million government grant. These funds will support its plans to develop a North American supply chain for LFP batteries. The company raised $3,070,549 after 2,456,439 warrants were exercised at $1.25 per share. All outstanding warrants, options, and restricted share units are currently held by employees, management, and board members. Following this transaction, First Phosphate now has 179,947,950 common shares in circulation.
Since June 2022, the firm has gathered roughly $62.5 million through private financings and warrant exercises. A key factor in its rapid progress is a $16.7 million non-repayable grant from the Canadian federal government. This funding accelerates development without adding debt or diluting existing shareholders. First Phosphate’s main asset is the Bégin-Lamarche property in Québec’s Saguenay-Lac-Saint-Jean region. The site contains a rare igneous phosphate deposit, known for its high purity and minimal impurities. The company aims to build a fully integrated supply chain, from mining to battery production, focusing on LFP batteries for markets like energy storage, robotics, and national security.
The recent warrant exercise strengthens First Phosphate’s financial position as it pushes forward with its development plans. With government backing and a clear focus on LFP battery production, the company is working to establish a domestic supply chain in North America. Its flagship property in Québec remains central to these efforts.
