First Phosphate, the Canadian mineral development company, signed two long-term offtake agreements with respect to its future productions in Saguenay-Lac-St-Jean, Quebec. The parties were not named but the company said they were “creditworthy”.
The definitive terms of the offtake deals are to be finalised in separate agreements. Termination rights are in place if the first product delivery is not made by a certain date unless agreed.
Separately, it announced a non-brokered private placement for gross proceeds of a minimum $1 million.
The company said it is also entering the next phase of discussions with the Pekuakamiulnuatsh First Nation regarding a possible financial involvement in the company. This was provided for in the collaboration agreement signed by the two in April.
“First Phosphate is achieving its goals as it continues to build a trusting relationship with the first nation which is committed to supporting the development of the project in a way that respects its values,” said John Passalacqua, CEO of First Phosphate.
Commencement of operations by the Company are subject to conditions, including permitting and financing.
Photo: Pekuakamiulnuatsh First Nation Chief, Gilbert Dominique and First Phosphate CEO, John Passalacqua signing the Collaboration Agreement in April. First Phosphate
