Skip to content

Foremost Lithium Launches Private Placements to Raise $5.25M for Exploration

Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) (CSE: FAT), a leader in North American hard-rock lithium exploration, has announced its intention to conduct private placements aimed at raising gross proceeds up to $5,250,000. The company plans a flow-through private placement to gather up to $3,750,000, complemented by a non-flow-through private placement targeting up to $1,500,000.

Details of the Flow-Through and Non-Flow-Through Private Placements

Foremost Lithium sets the price for the flow-through units at $5.88, a significant premium over its recent share price. Each unit includes a common share and a warrant, with the latter allowing further share purchases at $4.00. The non-flow-through units are priced at $3.40, also including a share and a purchase warrant for additional shares at the same price.

Utilization of Proceeds

The company aims to allocate proceeds from the flow-through placement for its drill program at the Zoro Property in Manitoba. Funds from the non-flow-through placement will support general corporate needs and working capital over the next year.

Expected Closing and Regulatory Approval

The closing of these private placements, anticipated around March 15, 2024, hinges on the fulfillment of specified conditions, including approvals from regulatory bodies and the Canadian Securities Exchange.

About Foremost Lithium

Foremost Lithium focuses on becoming the forefront supplier of lithium for North America’s developing clean energy sector. With strategic holdings in Manitoba and Quebec, the company is well-positioned to support lithium-based batteries essential for the clean-energy economy.

The content presented on this page has not been manually verified by our team. While we strive to ensure accuracy, we cannot guarantee the validity, completeness, or timeliness of the information provided. Always consult with appropriate professionals or sources before making any decisions based on this content.

The image is randomly selected and doesn’t necessarily represent the company or the news below.

Click here for more Company News