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First Phosphate Announces Closing of Oversubscribed Private Placement

Toronto, Ontario – Newsfile Corp. – December 27, 2022 – First Phosphate Corp. (“First Phosphate” or the “Company“) is pleased to announce the closing of its previously announced non-brokered private placement financing (the “Offering“) of shares in the capital of the Company (the “Shares“).

The Offering was oversubscribed for gross proceeds of $2,345,377. As a result, the company issued 4,333,078 HD Units (as defined in the in the Company’s news release dated November 28, 2022) and 2,072,000 FT Units (as defined in the in the Company’s news release dated November 28, 2022).

The Offering was led by the Company’s management, board of directors, chief geologist and business associates, who subscribed for a total of 978,342 HD Units and 617,000 FT Units for gross proceeds of $589,220.

The proceeds of the Offering are expected to be used for general working capital purposes and for exploration activities. All Shares issued in connection with the Offering are subject to a statutory four month and one day hold period. Furthermore, the Shares issued pursuant to the Offering are subject to a contractual lock-up with a release schedule over 12 months following the Company’s Shares being listed for trading on a stock exchange.

In connection with the Offering, the Company paid $79,440 in finder’s fees and issued 207,057 warrants (“Compensation Warrants“). The Compensation Warrants are exercisable at a price of $0.50 per Share until December 31, 2025.

Stock Options Update

The Company also announces today that it has approved the grant of 3,150,000 stock options to purchase common shares of the Company (the “Options“) to certain eligible persons of the Company, at an exercise price of $0.35 per share, with an expiry date of three years from the date on which the Company’s shares commence trading on a stock exchange in Canada (the “Listing“). The Options are subject to time-based vesting such that 25% vests immediately upon the Listing, with increments of 25% vesting every 6 months thereafter. The terms of the Options granted are in accordance with the Company’s stock option plan approved by shareholders of the Company on August 25, 2022. All securities issued are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

Shares for Debt Settlement

The Company settled $94,500 of amounts owing to an arm’s length creditor for 100,000 Shares, which are subject to a statutory four month and one day hold period.

Related Party Transaction

Certain directors, officers and other insiders of the Company (“Interested Parties“) purchased or acquired direction or control over a total of 617,214 Shares and 269,357 warrants as part of the Offering. The placement to those persons constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). Notwithstanding the foregoing, the Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the Shares being purchased will not exceed 25% of the Company’s market capitalization. The Company did not file a material change report related to the Offering more than 21 days before the expected closing of the Offering as required by MI 61-101 as the Company requires the consideration received in connection with the Offering immediately for working capital purposes.

Early Warning Reports

John Passalacqua will file an early warning report in accordance with National Instrument 62-104 Take-Over Bids and Issuer Bids and National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. Shpirtrat Trust, of which Mr. John Passalacqua is a trustee, acquired 115,000 Shares HD Units at a price of $0.35 per HD Unit for the total price of $40,250 pursuant to the Offering. A company owned and controlled by Mr. Passalacqua was also granted 600,000 Options. Prior to the acquisition, Mr. Passalacqua owned and controlled a total of 8,258,395 Shares, which represented approximately 24.16% of the then outstanding Shares. Subsequent to the acquisition, Mr. Passalacqua owns and controls a total of 8,373,395 Shares, 57,500 Warrants and 1,200,000 Options, representing approximately 19.72% of the outstanding Shares on an undiluted basis and 22.02% on a partially diluted basis, assuming the exercise of the 57,500 Warrants and 1,200,000 Options he holds.

The Insiders’ participation in the Offering was completed for investment purposes. In the future, the Insiders will evaluate their investment in the Company from time to time and may, based on such evaluation, market conditions and other circumstances, increase or decrease their shareholdings as circumstances require through market transactions, private agreements, or otherwise. A copy of the early warning reports may be obtained on SEDAR at www.sedar.com under the Company’s profile or by contacting the Company at (416) 200-0657.

For additional information, please contact:
Investor Relations: investor@firstphosphate.com
Media Relations: media@firstphosphate.com
Website: www.FirstPhosphate.com

Follow First Phosphate:
Twitter: https://twitter.com/FirstPhosphate
LinkedIn: https://www.linkedin.com/company/first-phosphate/

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the anticipated timing of the closing of the Offering; and the anticipated use of proceeds from the Offering; the receipt of required approvals.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to complete the additional tranches Offering and/or utilize the use of proceeds on the terms and within the timelines anticipated or at all; and the Company’s inability to obtain the required approvals to complete the additional tranches Offering on the proposed terms and timeline or at all.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

The issuer is solely responsible for the content of this announcement.

About First Phosphate Corp.

First Phosphate is a mineral exploration and development company fully dedicated to extracting and refining advanced phosphate material for the Lithium Iron Phosphate (“LFP”) Battery industry. First Phosphate is committed to producing at high purity level, at full ESG standard and with low anticipated carbon footprint. First Phosphate plans to integrate directly into the research & development and supply chain functions of major North American LFP Battery producers that require battery grade phosphate material that emanates from a consistent and secure supply source. First Phosphate holds over 1,500 sq. km of total land claims in the Saguenay Region of Quebec, Canada that it is actively developing. First Phosphate properties consist of rare anorthosite igneous rock formation that generally yields high purity phosphate concentrate devoid of high concentrations of deleterious heavy metals.

Three Nepali Women Rescued From Job Scams in Laos

Photo used for representative purposes only (photo: The Economic Times)

Three Nepali women who fell victim to human trafficking returned home this month after having to work illegally in Laos for three months.

Scholarships Available For January 2023 Batch Of Bachelor of Science Nursing (Top-up) Programme at MDIS

Management Development Institute of Singapore (MDIS) announces that students in the January 2023 batch of the Bachelor of Science Nursing (Top-up) programme are eligible to receive the MDIS-ENU joint scholarship worth up to S$2,000.

SINGAPORE – Media OutReach – 27 December 2022 – Scholarships worth S$2,000 are available to new students of the Bachelor of Science Nursing (Top-up) programme in 2023.

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Commencing in January 2023, this 24-month part-time programme is accredited by the Singapore Nursing Board (SNB), with the degree awarded by Edinburgh Napier University (ENU), United Kingdom.

Applicants of the programme must be of age 18 and above, and a registered nurse with SNB who holds a certificate or diploma in nursing and a current practicing certificate (full and conditional registration only) that is issued by SNB.

Graduates of the Healthcare Professional Conversion Programme, a two-year Diploma in Nursing (Accelerated) by Nanyang Polytechnic (NYP), are also eligible to apply for the programme.

English language requirements of the programme include IELTS with a minimum overall band of 6.0 (with no component less than 5.5); or C6 in English at GCE ‘O’ Levels; or C in GCSE; or Grade 6 or above in SPM; or approved Edinburgh Napier University admission equivalents.

Receive A Scholarship Worth Up To S$2,000

Stand a chance to receive an MDIS-ENU joint scholarship* that is available to local and international students of the January 2023 intake of the Bachelor of Science Nursing (Top-up) programme.

Each MDIS-ENU joint scholarship awarded is worth S$2,000. The scholarship amount will be deducted from the last installment of tuition fees or upfront only when full payment is made.

Study loans are also available for Singapore Citizens and Permanent Residents, and can be obtained from DBS Bank, Maybank, or TCC Limited.

Gain All-Rounded Nursing Skills To Apply In Global And Local Healthcare Settings

Be well-equipped to enter both the local and global healthcare industry after graduating from the Bachelor of Science Nursing (Top-up) programme.

Students will be taught by experienced and well-qualified industry professionals. Graduates will possess the necessary critical abilities, knowledge, and skills required to practise healthcare in multiple dynamic settings and communities.

These knowledge and skills are honed through formative and summative assessment methods, such as essays; projects; portfolios; reflective analysis and practical assessments, or observable structured clinical examination.

*Terms and Conditions for MDIS-ENU Joint Scholarship 2023:

    1. S$2,000 Scholarship is only applicable for Jan 2023 intake.
    2. Scholarship cannot be combined with Preview rebate or events rebate (e.g. Open house, Roadshow, Festival, Fair, etc).
    3. Upon successful Scholarship application, students are unable to change or defer their selected intakes.
    4. Scholarship amount will be deducted from the last installment of tuition fees or upfront only when full payment is made.
    5. Students need to pay first installment within two weeks of issuance of the offer letter.
    6. MDIS/ENU reserves the right to amend, withdraw, and revise scholarships and/or rebates without prior notice.

Hashtag: #MDIS

The issuer is solely responsible for the content of this announcement.

About MDIS

Founded in 1956, MDIS is one of Singapore’s oldest not-for-profit professional institutes for lifelong learning. It offers internationally-accredited courses in Business and Management, Engineering, Fashion and Design, Health and Nursing, Information Technology, Languages and Education, Life Sciences, Media and Communications, Psychology, Tourism and Hospitality Management, and Safety and Environmental Management. These programmes are offered in collaboration with renowned universities in the United Kingdom and the United States of America. MDIS also has set a proven track record of preparing students to excel in the Singapore-Cambridge General Certificate of Education (Ordinary and Advanced Level), Cambridge International General Certificate of Secondary Education (IGCSE) and Cambridge International Lower Secondary, through its comprehensive preparatory courses.

For more information, please visit: .

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Authorities Warn Against Extreme Cold Weather in Laos

People in Laos carried blankets to watch the National Games in Xieng Khouang at the beginning of this month.

The Department of Meteorology and Hydrology in Laos has said that the country is likely to experience colder temperatures between 29 December and January 1.

Houaphanh Names Cherry Blossom as its Provincial Flower

Visitors embrace the beauty of Cherry Blossom flowers in Houaphanh (photo: Tonamcha News)

Houaphanh officials announced Cherry Blossom as its provincial flower on Sunday in Houaphanh-Thanh Hóa park located in the province.

Laos, South Korea to Expand Job Opportunities for Lao Nationals

Ms. Anousone Khamsingsavath, and Mr. Ki Chang Kwon at the MOU signing ceremony (photo: Laonews.net)

The Ministry of Labor and Social Welfare signed a Memorandum of Understanding (MOU) last week in Vientiane Capital, to enable the seasonal employment of Lao workers in South Korea.

China to Cancel Covid Quarantine Requirement for Inbound Visitors

Taking a major step towards easing its border restrictions, the government of China will allow inbound travelers to enter the country without Covid-19 quarantine starting from 8 January, according to a statement from the Chinese National Health Commission.

MDIS Opens New Intake for Globally Recognised MBA Programme

To help local and international graduates better meet rising job market demands, MDIS announces the opening of three intakes for their 2023 MBA programme awarded by the University of Sunderland, United Kingdom

SINGAPORE – Media OutReach – 27 December 2022 – The Management Development Institute of Singapore (MDIS) is opening its admission window for their Master of Business Administration (MBA) programme in 2023 come January. The Master’s degree will be awarded by the University of Sunderland, UK and is aimed at graduates in pursuit of senior roles within commercial and public sector organisations.

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Local and international degree holders looking to obtain an MBA from one of Singapore’s oldest not-for-profit professional institutes for lifelong learning can enrol in either one of their three upcoming intakes: March, May/June, September.

Applicants must be at least 19 years of age and have a relevant degree, or an equivalent professional qualification. Those currently in senior roles but do not possess a formal academic background can also apply for the MBA programme; such applications will be considered by academic judgement.

The Advantages Posed by an MBA Today

According to the Winter 2021 NACE Salary Survey carried out in the United States of America, the Class of 2021 MBA graduates are projected to receive average starting salaries of US$87,966, 11.3% higher than that of their 2020 counterparts, and between 22% to 40% higher than business Bachelor’s degree graduates. With the market continually filling up with a wide array of business-related certifications, it is evident that the MBA continues to stand out in spite of the influx, likely due to its innate credibility and unique blend of core theory and practical skills.

MBA graduates in and beyond Singapore can not only enjoy higher expected salaries, but also the futureproofing of their careers, the means to pivot professions to explore new industries or functions, a highly accelerated career path, and the expanded and more diverse network presented by global alumni communities.

The MBA is also increasingly being recognised among recruiters worldwide as a valuable credential for managerial positions and essential decision-making roles. As markets get increasingly competitive and employers become more demanding in hiring candidates with the appropriate skillsets, the MBA qualification can prove an invaluable asset for jobseekers looking for career opportunities and progression.

The 2023 MBA Programme by MDIS

The 2023 MBA programme by MDIS is curated to help professionals develop strategic management knowledge, core business competencies, and transferable problem-solving abilities. Enrolled students will also be familiarised with international management practices, development of effective business cultures, and various organisational performance enhancement strategies.

The course curriculum of this MBA programme will consist of six modules: Financial Management and Control; Strategic Management in an International Context; Professional Management and Leadership Development; Value Creation in Organisations – Managing Operations and Marketing; Innovation, Entrepreneurship and Technology Transfer; and the MBA Project.

Applicants can choose to opt for full-time or part-time studies, with the former entailing a 12-month programme and the latter being 18 months long. Study loans are also available for Singapore Citizens and Permanent Residents, and can be obtained from TCC Limited, DBS Bank, or Maybank.

Hashtag: #MDIS

The issuer is solely responsible for the content of this announcement.

About MDIS

Founded in 1956, MDIS is one of Singapore’s oldest not-for-profit professional institutes for lifelong learning. It offers internationally accredited courses in Business and Management, Engineering, Fashion and Design, Health and Nursing, Information Technology, Life Sciences, Languages and Education, Media and Communications, Psychology, Tourism and Hospitality Management, and Safety and Environment Management. These are offered in partnership with renowned universities in the United Kingdom and the United States of America.

For more information, visit their website .

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