First Phosphate Corp., Saguenay, Quebec, on Jan. 2 announced that it has closed a second tranche of its non-brokered private placement financing and for the two has aggregate gross proceeds of $7.52 million. The second tranche was oversubscribed.
“We are now in position to be able to drill this winter and begin uncovering the full extent of the Bégin-Lamarche high-purity igneous rock phosphate horizon at only 70 km from the deep-sea Port of Saguenay,” said First Phosphate CEO John Passalacqua. “In our experience, proximity to port and access to infrastructure and workforce are the single largest determinants for the economic viability of any phosphate project. Bégin-Lamarche has all these strong requisites. We feel that it will become the first phosphate mine to see production in Quebec. We are now in a position to accelerate its development.”