Foremost Announces Debt Settlement and Grant of RSU's
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
FOREMOST ANNOUNCES DEBT SETTLEMENT AND GRANT OF RSU’S
Vancouver, British Columbia--(Newsfile Corp. – February 2, 2022 ) – Foremost Lithium
Resource. (CSE:FAT) (OTC Pink:FRRSF) (FSE:F0R0) ("FAT" or the " Company") is pleased to
announce that it has agreed to settle an aggregate of $279,644.37 in outstanding fees owing to an
arm’s length service provider the Company by way of issuance of an aggregate of 1 ,000,000 common
shares at a deemed price of $0.2796 per share. All shares issued under the debt settlement will be
subject to a hold period of four months and one day.
The Company granted a total of 13,999,996 performance stock units (“ PSUs”) of the Company to
certain directors and officers pursuant to the terms of the Company’s recently adopted Restricted
Stock Unit/ Performance Stock Unit Plan (the “PSU Plan”). An aggregate of 2,500,000 PSUs will
vest and become redeemable by the holders up on the upgraded listing of the Company’s common
shares on the OTCQB exchange, and the remaining 11,499,996 PSUs will vest and become
redeemable only upon the achievement of certain closing price milestones ranging between $0.50 and
$1.75 and which will expire on January 31 2025. Under the terms of the PSU Plan, the Company is
required to obtain shareholder approval for the PSU Plan within 3 years after its adoption, and at least
every three years thereafter. All PSU’s will be subject to a hold period of four months and one day.
About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is an energy tech company driven to being one of the first North American Companies
committed to produce high quality battery-grade lithium hydroxide domestically to fuel the electric vehicle and
battery storage market. Given the importance and global focus on increasing energy decarbonization, especially
when it comes to vehicles, The Company is hyper-focused in continued exploration and growth on its four (4)
lithium properties, Jean Lake, Grass River, and Zoro located in Snow Lake, Manitoba, and Hidden Lake in the
Northwest Territories. Foremost Lithium also holds assets in precious commodities with its Winston
Gold/Silver Project in New Mexico, USA.
For further information please contact:
Scott Taylor
President and CEO
Foremost Lithium Resource &Technology
1 604 330-8067
This news release contains "forward-looking statements" and "forward looking information" (as
defined under applicable securities laws), based on management's best estimates, assumptions,
and current expectations. Such statements include but are not limited to, statements with respect
to the plans for future exploration and development of the Company’s properties and the
acquisition of additional exploration projects. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "expects", "expected",
"budgeted", "forecasts", "anticipates" "plans", "anticipates", "believes", "intends", "estimates",
"projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions, or
that events or conditions "will", "would", "may", "can", "could" or "should" occur. These
statements should not be read as guarantees of future performance or results. Such statements
involve known and unknown risks, uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those expressed or implied by such
statements, including but not limited to: risks related to the Company’s projects; risks related to
general economic conditions, actual results of current exploration activities, unanticipated
reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations
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in prices of metals including gold; increases in market prices of mining consumables, possible
variations in resource estimates, grade or recovery rates; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes, title disputes, claims and
limitations on insurance coverage and other risks of the mining industry; delays in the
completion of exploration, development or construction activities, changes in national and local
government regulation of mining operations, tax rules and regulations, and political and
economic developments in areas in which the Company operates. Although the Company has
attempted to identify important factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. The forward-looking statements and forward-looking information
are made as of the date hereof and are qualified in their entirety by this cautionary statement.
The Company disclaims any obligation to revise or update any such factors or to publicly
announce the result of any revisions to any forward-looking statements or forward-looking
information contained herein to reflect future results, events or developments, except as require by
law. Accordingly, readers should not place undue reliance on forward-looking statements and
information. Please refer to the Company's most recent filings under its profile at
www.sedar.com for further information respecting the risks affecting the Company and its
business.
UNITED STATES ADVISORY. The securities referred to herein have not been and will not
be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities
Act"), have been offered and sold outside the United States to eligible investors pursuant to
Regulation S promulgated under the U.S. Securities Act, and may not be offered, sold, or resold
in the United States or to, or for the account of or benefit of, a U.S. Person (as such term is
defined in Regulation S under the United States Securities Act) unless the securities are
registered under the U.S. Securities Act, or an exemption from the registration requirements of
the U.S. Securities Act is available. Hedging transactions involving the securities must not be
conducted unless in accordance with the U.S. Securities Act. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be
any sale of securities in the state i n the United States in which such offer, solicitation or sale
would be unlawful.