Foremost investor Denison acquires 485,000 shares

Executive Summary

• Denison Mines Corp. has acquired an additional 485,000 common shares in Foremost Clean Energy Ltd. for a total of $1,067,000, exercising its rights under an existing investor rights agreement.
• Following this transaction, Denison’s ownership stake in Foremost has increased from approximately 16% to approximately 19% of the issued and outstanding common shares.
• Denison is filing an Early Warning Report pursuant to National Instrument 62-103 to disclose the change in its shareholding, which also includes its existing holdings of 607,600 warrants (approx. 17% of outstanding warrants).

Key Details

• Transaction Structure: Denison acquired 485,000 common shares of Foremost Clean Energy Ltd.
• Price: $2.20 per common share.
• Total Consideration: $1,067,000 (aggregate subscription price).
• Pre-Transaction Holdings: Denison held 1,977,410 common shares, representing ~16% of Foremost’s issued and outstanding shares.
• Post-Transaction Holdings: Denison now holds 2,462,410 common shares, representing ~19% of Foremost’s issued and outstanding shares.
• Warrant Holdings: Denison holds 607,600 Foremost warrants, representing ~17% of the issued and outstanding warrants.
• Regulatory Filing: An Early Warning Report will be filed under National Instrument 62-103.
• Purpose: The shares were acquired for investment purposes; Denison intends to continuously review factors related to the investment and may acquire or dispose of additional securities based on future circumstances and pre-emptive rights.

Notable Quotes

• "Denison held 1,977,410 Foremost common shares, representing approximately 16 per cent of Foremost's issued and outstanding shares prior to closing of the issuance to Denison. On completion of the issuance to Denison, Denison holds 2,462,410 Foremost common shares, representing approximately 19 per cent of the then issued and outstanding shares."