PhosCo Ltd (ASX: PHO), an Australian company focused on developing its phosphate project in Tunisia, today announced it has received firm commitments to raise $5.0 million through a single tranche share placement. The placement, priced at $0.12 per share, attracted strong demand from new high-quality institutional investors and existing shareholders. PhosCo is focused on developing the Gasaat Phosphate Project in Tunisia. The company aims to be a reliable supplier of high-quality phosphate fertilisers to meet growing global demand.
Following the placement, PhosCo will have a pro rata cash balance of $7.3 million and access to $1.7 million in grant funding from the European Bank for Reconstruction & Development. Funds raised will be used to advance exploration, development activities, and studies at the company’s Gasaat Phosphate Project in Tunisia, as well as for general working capital.
PhosCo Managing Director, Taz Aldaoud, stated that the strong demand for the placement reflects the quality of the Gasaat asset and its position in the growing global fertiliser market. He also noted the consistent stream of drilling results, paving the way for an imminent resource update and optimised scoping study. Mr. Aldaoud thanked existing shareholders for their continued support and welcomed new shareholders to the register.
The placement comprises the issue of 41,666,667 fully paid ordinary shares at $0.12 per share to sophisticated and professional investors. Settlement is expected on Wednesday, 25 February 2026, with shares to be allotted around Thursday, 26 February 2026. Argonaut Securities Pty Limited and Cumulus Wealth Pty Ltd acted as Joint Lead Managers to the Placement.
