Mr. John Gravelle reports
FOREMOST LITHIUM RESOURCE AND TECHNOLOGY ANNOUNCES NON-BROKERED FLOW-THROUGH OFFERING
Foremost Lithium Resource & Technology Ltd. has arranged a non-brokered private placement for the sale of an aggregate of 1,992,814 flow-through common shares of the company at a price of 34 cents per flow-through share for gross proceeds of approximately $677,556.76. The company has received signed subscription agreements for the targeted amount.
An amount equal to the gross proceeds from the offering will be used for exploration expenses on the company's mineral properties in Manitoba, which will qualify as Canadian exploration expenses, will be either expenses that qualify for the critical mineral exploration tax credit or flow-through mining expenditures, as those terms are defined in the Income Tax Act (Canada), and will be flow-through mining expenditures, as defined in the Income Tax Act (Manitoba). These expenses will be renounced to the initial purchasers of the flow-through shares with an effective date no later than Dec. 31, 2022.
The flow-through shares will be offered pursuant to available prospectus exemptions under National Instrument 45-106, Prospectus Exemptions, in all the provinces of Canada and will be subject to a hold period in Canada of four months and one day following the closing date.
Closing of the offering is subject to the satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals and compliance with the policies of the Canadian Securities Exchange. Finders' fees of 7 per cent cash consideration and 7 per cent finder warrants may be paid to eligible arm's-length finders in connection with the financing. Each finder's warrant will be exercisable to acquire one common share of the company at a price of 20 cents per share for a period of 24 months from the date of issue.
About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a resource exploration company driven to become one of the first North American companies to provide lithium used to produce high-quality battery-grade lithium hydroxide domestically to fuel the electric vehicle and battery storage market. Given the importance and global focus on increasing energy decarbonization, especially when it comes to vehicles, the company is hyperfocused in continued exploration and growth on its five lithium properties: Jean Lake, Grass River, Zoro and Jol located in Snow Lake, Man., and Hidden Lake in the Northwest Territories. Foremost also holds its Winston gold/silver project in New Mexico, United States.
We seek Safe Harbor.
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