What types of securities were issued in the third tranche of the offering?

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Securities Issued in the Third Tranche of the Offering

In the third tranche of its non-brokered private placement financing, First Phosphate Corp. successfully raised $4.7 million through the issuance of two types of securities: Flow-Through Shares and Hard Dollar Units. The closing of this tranche occurred on September 19, 2025.
Flow-Through Shares

The issuance of Flow-Through Shares contributed $1.58 million to the total proceeds. Specifically, 3,168,400 Flow-Through Shares were issued as part of this tranche. These shares are typically structured to allow the company to transfer tax deductions associated with exploration expenses to the investor.
Hard Dollar Units

The remaining $3.1 million was raised through the sale of Hard Dollar Units. Each unit comprised one common share and one warrant, with a total of 6,220,000 Hard Dollar Units being issued. These units represent a combination of direct equity ownership and the potential for future equity through the warrants.
Overall Offering Context

This third tranche is part of a larger offering that, in aggregate across three tranches, has raised $11.4 million. The total proceeds from the combined tranches were generated from the issuance of 13,067,400 Flow-Through Shares for $6.5 million and 9,785,000 Hard Dollar Units for $4.89 million. The company has indicated its intention to use these proceeds as previously disclosed in its August 5, 2025, press release.

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What types of securities were issued in the third tranche of the offering?

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