First Phosphate Corp. dedicated to the mining and refining of advanced phosphate material for the lithium iron phosphate (“LFP”) battery industry has just closed the final tranche of its oversubscribed private placement, raising a total of CAD 3.4 million. Due to strong demand, the company had increased the cap on its private placement to CAD 3.4 million from the original CAD 2 million.
{kanada_flagge}First Phosphate Corp. dedicated to the mining and refining of advanced phosphate material for the lithium iron phosphate (“LFP”) battery industry has just closed the final tranche of its oversubscribed private placement, raising a total of CAD 3.4 million. Due to strong demand, the company had increased the cap on its private placement to CAD 3.4 million from the original CAD 2 million.
John Passalacqua, CEO of First Phosphate commented, “We are pleased to have exceeded our initial fundraising target. We are focused on the Saguenay-Lac-St-Jean region of Quebec and aim to make this region a major center for the development of the lithium iron phosphate (LFP) battery industry in North America.”
First Phosphate is a mineral exploration and development company wholly dedicated to the mining and refining of advanced phosphate material for the lithium iron phosphate (“LFP”) battery industry. First Phosphate is committed to producing at high purity levels, in compliance with all ESG standards, and with an expected low carbon footprint. First Phosphate plans to integrate directly with the R&D and supply chain functions of larger North American LFP battery manufacturers that require battery grade phosphate material sourced from a consistent and secure supply source. First Phosphate owns over 1,500 square kilometers of land mining rights in the Saguenay region of the Canadian province of Quebec, which it is actively developing. First Phosphate’s permit areas consist of a rare anorthosite earthrock formation that generally yields high purity phosphate concentrate without high concentrations of deleterious elements.
First Phosphate is still private, but plans to go public as soon as possible. It would then be the only publicly traded phosphate company with an exclusive focus on the LFP supply chain.
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