First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) announced it has closed the final tranche of its non-brokered private placement financing, bringing total gross proceeds raised across two tranches to approximately C$17.7 million.

The company raised about C$17.7 million through the issuance of 7.2 million flow-through shares for approximately C$14.5 million and 1.6 million hard dollar units for about C$3.2 million.

The final tranche, which closed on July 10, generated approximately C$2.3 million in gross proceeds through the issuance of about 961,000 flow-through shares for C$1.9 million and about 178,000 hard dollar units for roughly C$357,000. Each hard dollar unit consists of one common share and one warrant.

First Phosphate said that, including the current financing and funds received from option and warrant exercises, it has raised approximately C$80.2 million since June 2022 through 11 management-led non-brokered private placements.

In connection with the latest tranche, the company paid C$12,000 in cash finder’s fees, issued about 8,000 compensation shares at a deemed price of C$2.00 each, and granted about 14,000 compensation warrants. Across both tranches, total finder’s fees amounted to about C$169,000, with about 331,000 compensation shares and about 424,000 compensation warrants issued.

The company said it intends to use the proceeds as previously outlined in its May 28 financing announcement. Under that plan, proceeds from the flow-through share offering will fund eligible exploration expenditures at its Québec projects, while net proceeds from the hard dollar unit offering will be used for development activities, working capital and general corporate purposes. The company also said it may complete an additional tranche of the offering, subject to Canadian Securities Exchange policies.

Separately, First Phosphate announced the appointment of Peter Kent to its board of directors, effective July 10. Kent previously served the company as president, director and adviser. All existing directors will remain on the board.

Following Kent’s appointment, the company restructured its audit committee. Kent replaces John Passalacqua on the committee, which is now chaired by Laurence W. Zeifman and also includes Peter J. F. Nicholson.

The company also granted Kent about 51,000 restricted share units, with vesting scheduled for Aug. 31, 2026, and Feb. 28, 2027, as well as 300,000 stock options exercisable at C$2 per share until Dec. 29, 2028. The options will vest in four equal tranches between January 2027 and July 2028.