Foremost Clean Energy Announces Bought Deal Private Placement of $5.5 Million

Executive Summary

• Foremost Clean Energy Ltd. entered into a bought‑deal private placement with Canaccord Genuity Corp., selling 1,618,000 units at C$3.40 per unit for gross proceeds of approximately $5.5 million.
• Each unit consists of one common share and half of a common‑share purchase warrant (exercisable at C$4.40 per share for 24 months).
• The company may issue an additional up to 242,700 units under the Underwriter’s option, potentially adding $825,180 in gross proceeds.

Key Details

• Units Offered: 1,618,000 (each = 1 common share + ½ warrant)
• Issue Price: C$3.40 per unit
• Aggregate Gross Proceeds: ~$5.5 million CAD (≈ US$5.5 M at prevailing rates)
• Underwriter: Canaccord Genuity Corp., lead underwriter and sole bookrunner
• Warrant Terms: Each warrant exercisable for one common share at C$4.40 per share, valid for 24 months from closing.
• Underwriter’s Option: Up to 242,700 additional units may be purchased up to 48 hours before the Closing Date, adding $825,180 gross proceeds if fully exercised.
• Denison Mines Participation Right: Denison may increase its stake to ~19.95% of post‑closing common shares under an investor rights agreement.
• Use of Proceeds: To fund Canadian exploration expenses that qualify as flow‑through critical mineral mining expenditures on the company’s uranium and lithium projects, to be incurred by 31 Dec 2027 and renounced to purchasers by 31 Dec 2026.
• Closing Date: Expected on or about 7 April 2026 (subject to regulatory approvals and other conditions).
• Regulatory Conditions: Subject to CSE requirements and receipt of any necessary NASDAQ approvals.

Notable Quotes

(No direct quotes were provided in the release.)