First Phosphate is one step closer to becoming a publicly-traded issuer. The firm this morning indicated that it has received conditional approval to list on the Canadian Securities Exchange, with the firm reserving the symbol “PHOS”.
“We believe First Phosphate is set to become the only pure-play publicly-traded company worldwide to be entirely dedicated to producing clean, high-grade and ethically-sourced phosphate material for the Lithium Iron Phosphate (LFP) battery industry. Our conditional approval is another important milestone for the corporate development of First Phosphate as we continue to witness the global shift to LFP energy storage,” commented company president Peter Kent.
READ: First Phosphate Reports Mineral Estimate for Lac a l’Orignal Project
Further details on when the Quebec-focused phosphate explorer will begin trading are expected to be released upon receiving final approval from the CSE. The company currently owns a 1,500 square kilometre land package in the Saguenay-Lac-St-Jean Region, which is it currently developing as it works towards producing battery grade phosphate. First Phosphate has the ultimate target of providing battery grade phosphate for the supply chain of electric vehicles in North America.
Expanded financing
Separately, the company this morning also indicated that it has raised further proceeds under a private placement closed last month. Originally pegged at $3.4 million, the company has raised an additional $1.1 million via the issuance of an additional 3.0 million units as a result of increased interest from investors.
Proceeds from the financing are to be used for working capital and further exploration of its properties.
Shares issued under the financing are subject to a four month hold as well as a lock-up arrangement that will see 25% released upon listing, with further unlocks at the 4, 8, and 12 month anniversaries of the listing.
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