Business
Foremost Lithium Announces Closing of $1,661,807 Flow-Through Financing at $0.34 Per FT Share
Vancouver, British Columbia--(Newsfile Corp. - July 20, 2022) - Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8)
About this update from Foremost Clean Energy Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 20, 2022) - Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) (\"Foremost\" or the \"Company\") (www.foremostlithium.com) has completed its previously announced non-brokered private placement of 4,887,668 flow through common shares of the Company (the \"FT Shares\") at a price a price of $0.34 per FT Share for aggregate gross proceeds of C$1,661,807 (the \"Offering\"). John Gravelle, Foremost Lithium's CEO and President, comments, \"I am very pleased to announce this strategic financing to continue our exploration efforts on our Manitoba properties. This will enable us to accelerate our pace for our planned 2022 drill programs. We feel the company is well positioned with the new acquisition of the Peg North property in Snow Lake and will continue to provide shareholders with updates.\" 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 FT Shares with an effective date no later than December 31, 2022. A portion on the proceeds will be used to pay fees owing to arm's length service providers under previously disclosed Investor Relations arrangements and to pay general and administrative expenses. In connection with closing of the Offering, a finder's fees comprised of $98,000 in cash consideration and an aggregate of 288,235 finder's warrants (\"Finder's Warrants\") was paid to an eligible arm's length. Each Finder's Warrant is exercisable to acquire one common share of the Company at a price of $0.20 per share for a period of 24 months from the date of issue. All of the securities issued under the Offering will be subject to a hold period of four months and one day from the date of issuance. About Foremost Lithium Resource & Technology Ltd. Foremost Lithium is a resource exploration company committed to having a critical role in the pr...