Business
Foremost Lithium to Sell Interest in Hidden Lake Property for C$3.5 Million
Vancouver, British Columbia--(Newsfile Corp. - November 7, 2022) - Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC
About this update from Foremost Clean Energy Ltd.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 7, 2022) - Foremost Lithium Resource & Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) (\"Foremost\" or the \"Company\") (www.foremostlithium.com) is pleased to announce that it has signed a binding term sheet with respect to the sale of its 60% interest in the Hidden Lake Project in Yellowknife, NWT for C$3.5 million to an arm's length party. The Company has received a C$100,000 non-refundable deposit in connection with signing the term sheet. The closing of the transaction and receipt of the remaining C$3.4 million of the purchase price is expected to occur within 30 days, subject to the parties entering into and approving definitive binding documentation, final due diligence by the purchaser, receipt of applicable third-party consents and other customary conditions for a transaction of this nature. As disclosed in the Company's June 29, 2022 news release, Foremost's Hidden Lake Lithium Project consists of five contiguous mineral claims, with at least 10 lithium-bearing spodumene pegmatite dykes across 4,100 acres/1,659 hectares situated in the prolific Yellowknife Pegmatite District NWT. Jason Barnard, Director of Foremost Lithium, adds, \"I'm looking forward to the completion of the sale of one of our non-core assets which will allow us to inject working capital and continue our focus on our Lithium Lane Properties in Snow Lake, Manitoba. It's been a pleasure working this deal for our Company.\" QP Statement - The technical content of this news release has been reviewed by Dr. Mark Fedikow, P.Geo. who is a Qualified Person as defined by NI 43-101. On Behalf of the Board of Directors Jason Barnard, Director About Foremost Lithium Resource & Technology Ltd. Foremost Lithium is a hard-rock exploration company strategically located to capitalize on the world's growing EV appetite and is committed to being a premier supplier of North America's lithium feedstock. As the world transitions towards decarbonization, the company is focused on exploration and growth on its 5 Lithium Lane Projects in Snow Lake Manitoba. Foremost Lithium also has the Winston Gold/Silver Property in New Mexico USA and the Hidden Lake Lithium Project in the Northwest Territories. Foremost Lithium Resource &Technology Ltd. Email: [email protected] Phone: +1 (604) ...