Foremost Lithium Announces Flow-Through and Non-Flow-Through Private Placements

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost Lithium”, “Foremost” or the “Company”), a North American hard-rock lithium exploration company, is pleased to announce each of a proposed and “best efforts” non-brokered private placement to raise gross proceeds of up to $3,750,000 on a flow-through basis (the “Flow-Through Private Placement”) together with up to $1,500,000 on a non-flow-through basis (the “Private Placement”; and, collectively, with the Flow-Through Private Placement, the “Private Placements”).

The Flow-Through Private Placement will be comprised of flow-through units (each, a “FT Unit”) of the Company, at a proposed subscription price of $5.88 per FT Unit (the “FT Unit Price”); representing a 48% premium to the most recent closing price of the Company’s common shares on the Canadian Securities Exchange (the “CSE”). Each FT Unit will be comprised of one flow-through common share (each, a “FT Share”) and one non-flow-through common share purchase warrant (each, a “Warrant”) of the Company, and with each Warrant entitling the holder thereof to purchase an additional non-flow-through common share (each, a “Warrant Share”) of the Company, at an exercise price of $4.00 per Warrant Share, for a period of 24 months from the closing of the FT Private Placement.

The Private Placement will be comprised of units (each, a “PP Unit”) of the Company, at a proposed subscription price of $3.40 per PP Unit. Each PP Unit will be comprised of one common share (each, a “Share”) and one common share purchase warrant (each, a “PP Warrant”) of the Company, and with each PP Warrant entitling the holder thereof to purchase an additional Share of the Company at an exercise price of $4.00 per Share for a period of 24 months from the closing of the Private Placement.

The gross proceeds from the pending Flow-Through Private Placement will be utilized in connection with the Company’s recently announced drill program respecting is Zoro Property located in the Snow Lake region of Manitoba. The proceeds from the pending Private Placement are expected to be utilized for general corporate and working capital purposes for the Company during the next 12 months.