Foremost Lithium Announces C$1,145,000 Shareholder Loan
Foremost Lithium Announces C$1,145,000
Shareholder Loan
Vancouver, British Columbia--(Newsfile Corp. - May 4, 2022) -
Foremost Lithium Resource &
Technology Ltd.
(CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0
)
(WKN: A3DCC8
) ("
FAT
"
or the
"
Company
")
(
www.foremostlithium.com
)
is pleased to announce that it has agreed to enter into a
secured loan agreement with shareholders Mr. and Mrs. Jason and Christina Barnard (the "Lenders")
pursuant to which the Lenders will advance a loan in the principal amount C$1,145,000 (the "Loan")
effective May 4
th
, 2022. The Loan will matures on May 5
th
, 2023 and bear interest at a rate of 8.35% per
annum payable in monthly installments of CAD $8,000.. The Loan is repayable at any time without
penalty.
It is anticipated that the proceeds of the Loan will be used to fund continued exploration activities
on the Company's Snow Lake projects located in Manitoba, and general working capital.
Jason Barnard states:
"My wife and I are pleased to continue to support the company with this
shareholder loan of well over 1 million dollars to advance the exploration and development of the
Company's Snow Lake assets. It is integral the company to not enter into a dilutive financing at this
time.
My wife and I would also like to extend a warm welcome to the newest addition to the board, Mr.
John Gravelle and feel fortunate to have added such an astute and experienced mining and capital
market executive to the team at Foremost.
We look forward to additional drills turning immediately to
help increase our shareholder value."
The Company is not issuing any securities, or paying any bonuses, commissions, or finder's fees on the
Loan. The Loan is repayable at any time without penalty.
Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is an energy tech company driven to become 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 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
Twitter:
@lithiumlane
Follow us and contact us on social media:
Twitter:
@foremostlithium
Linkedin:
https://www.linkedin.com/company/foremost-lithium-resource-technology
Facebook:
https://www.facebook.com/ForemostLithium
Forward-Looking Statements
All statements in this press release, other than statements of historical fact, are "forward-looking
information" with respect to Foremost within the meaning of applicable securities laws. Foremost
provides forward-looking statements for the purpose of conveying information about current expectations
and plans relating to the future and readers are cautioned that such statements may not be appropriate
for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may
be general or specific and which give rise to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate, that assumptions may not be correct and that
objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but
are not limited to market conditions, exploration findings, results and recommendations, as well as those
risks and uncertainties identified and reported in Foremost's public filings under Foremost's SEDAR
profile at
www.sedar.com
. Although Foremost has attempted to identify important factors that could
cause actual actions, events or results to differ materially from those described in forward-looking
information, there may be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that such information will prove to be accurate as
actual results and future events could differ materially from those anticipated in such statements.
Foremost disclaims any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise unless required by law.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/122733