en.Wedoany.com Reported - Canadian mining company Canadian Phosphate (ASX: CP8) has raised an additional A$350,000 through a subsequent placement after completing a A$4.85 million rights issue, which attracted excess demand from new investors.

The rights issue, announced on June 1, received significant support from existing shareholders, with participation including all company directors.

Under the subsequent placement, Canadian Phosphate will issue 37.18 million fully paid ordinary shares and 18.59 million new options, with an exercise price of A$0.25 per option and an expiry date of June 26, 2028.

These options will be quoted under the ASX code "CP8O".

Mahe Capital acted as lead manager for the rights issue and provided advisory services to the company regarding the rights issue and subsequent placement.

Canadian Phosphate stated that the proceeds will be used for the development of its phosphate assets in Canada and the United States, including exploration drilling at the Wapiti project in British Columbia to support an initial resource estimate, mining activities at Fernie, and advancing the acquisition and development of the Diamond Mountain phosphate project in Utah.

Funds will also be used for permitting and exploration activities to support future resource growth and production opportunities.

Managing Director and CEO Daniel Gleeson thanked shareholders for their continued support during the rights issue and welcomed new shareholders who joined through the subsequent placement.

Gleeson stated that this is an exciting time for Canadian Phosphate, as the company is rapidly defining resources at Wapiti and Utah's Diamond Mountain (upon completion of the acquisition) in accordance with JORC standards.

The company said the new securities are expected to be issued on June 26, 2026.

Canadian Phosphate is a developer and explorer focused on supplying sedimentary phosphate rock to Canada.

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