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Foremost Lithium Announces Closing of USD $4.0 Million Public Offering and NASDAQ Listing
VANCOUVER, British Columbia, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (Nasdaq: FMST, FMSTW) (CSE: FAT) ("Foremost Lithium"
About this update from Foremost Clean Energy Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Foremost Lithium Resource & Technology Ltd. (Nasdaq: FMST, FMSTW) (CSE: FAT) (\"Foremost Lithium\" or the \"Company\"), an exploration stage lithium mining company, today closed its previously announced underwritten public offering in the United States (the “Offering”). The Company sold 800,000 units, each consisting of one common share and one warrant (a \"Common Warrant\") to purchase one common share (“Common Share Unit”), at a public offering price of USD $5.00 per unit. The warrants within each Common Share Unit have a per share exercise price of USD $6.25 and expire five years from the date of issuance. The aggregate gross proceeds to the Company from the Offering were USD $4,000,000, before deducting underwriting discounts of USD $286,000 and offering expenses. The common shares and Common Warrants sold in the Offering began trading on the Nasdaq Capital Market under the symbols “FMST” and “FMSTW”, respectively, on August 22, 2023. The Company's common shares will continue to trade on the Canadian Securities Exchange under the symbol \"FAT\". All securities issued under the Offering will be issued free from any resale restrictions under applicable Canadian and United States securities laws. The Company intends to use the net proceeds from the Offering for resource development activities, annual property payments, claim payments and royalty payments, general corporate purposes and general business expenses. ThinkEquity acted as sole book-running manager for the Offering. In connection with the closing of the Offering, the Company issued ThinkEquity 40,000 warrants, representing 5% of the aggregate Common Share Units sold in the Offering, with each such warrant exercisable for one common share at a price of USD $6.25 for a period ending five years from the commencement of sales of the Offering. In addition, the Company has granted the underwriter a 45-day option to purchase up to an additional 120,000 Common Share Units and/or pre-funded warrant units (the “Pre-Funded Warrant Units”) to cover over-allotments, if any. Each Pre-Funded Warrant Unit would consist of one pre-funded warrant to purchase one common share (a “Pre-Funded Warrant”) and one Common Warrant, and would be issued at a price of USD $4.99. Each Pre-Funded Warrant would be exercisable to acqu...