Foremost Clean Energy Ltd. (NASDAQ:FMST) ("Foremost" or the "Company"), an emerging North American uranium and lithium exploration company, is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. to act as lead agent and sole bookrunner on behalf of a syndicate of agents (the "Agents") in connection with a best efforts private placement (the "Marketed Offering") for aggregate gross proceeds of up to approximately C$7,000,000 from the sale of the following:
- gross proceeds of up to C$3,500,001 from the sale of up to 1,166,667 units of the Company (the "Units") at a price of C$3.00 per Unit (the "Unit Price"); and
- gross proceeds of up to C$3,500,000 from the sale of any combination of (i) flow-through units of the Company (the "FT Units") at a price of C$3.50 per FT Unit, and (ii) FT Units to be sold to charitable purchasers (the "Charity FT Units", and together with the Units and FT Units, the "Offered Securities") at a price of C$4.55 per Charity FT Unit.
The Agents will have an option, exercisable in full or in part, up to 48 hours prior to the closing of the Offering, to sell up to an additional C$1,000,000 in any combination of Units, FT Units and Charity FT Units at their respective offering prices (the "Agents' Option", and together with the Marketed Offering, the "Offering").
