Foremost Lithium Announces Closing of USD $4.0 Million Public Offering and NASDAQ Listing
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Foremost Lithium Announces Closing of USD $4.0 Million Public Offering
and NASDAQ Listing
Vancouver, British Columbia - August 24, 2023 - Foremost Lithium Resource & Technology Ltd. (Nasdaq:
FMST, FMSTW) (CSE: FAT) ("Foremost Lithium" or the "Company"), an exploration stage lithium
mining company, today closed its previously announced underwritten public offering in the United States
(the “Offering”). The Company sold 800,000 units, each consisting of one common share and one warrant
(a "Common Warrant") to purchase one common share (“Common Share Unit”), at a public offering price
of USD $5.00 per unit. The warrants within each Common Share Unit have a per share exercise price of
USD $6.25 and expire five years from the date of issuance. The aggregate gross proceeds to the Company
from the Offering were USD $4,000,000, before deducting underwriting discounts of USD $286,000 and
offering expenses.
The common shares and Common Warrants sold in the Offering began trading on the Nasdaq Capital
Market under the symbols “FMST” and “FMSTW”, respectively, on August 22, 2023. The Company's
common shares will continue to trade on the Canadian Securities Exchange under the symbol "FAT". All
securities issued under the Offering will be issued free from an y resale restrictions under applicable
Canadian and United States securities laws.
The Company intends to use the net proceeds from the Offering for resource development activities, annual
property payments, claim payments and royalty payments, general corporate purposes and general business
expenses.
ThinkEquity acted as sole book-running manager for the Offering.
In connection with the closing of the Offering, the Company issued ThinkEquity 40,000 warrants,
representing 5% of the aggregate Common Share Units sold in the Offering, with each such warrant
exercisable for one common share at a price of USD $6.25 for a period ending five years from the
commencement of sales of the Offering. In addition, the Company has granted the underwriter a 45- day
option to purchase up to an additional 120,000 Common Share Units and/or pre-funded warrant units (the
“Pre-Funded Warrant Units”) to cover over -allotments, if any. Each Pre -Funded Warrant Unit would
consist of one pre -funded warrant to purchase one common shar e (a “Pre- Funded Warrant”) and one
Common Warrant, and would be issued at a price of USD $4.99. E ach Pre-Funded Warrant would be
exercisable to acquire a common share for an indefinite term at an exercise price of USD $0.01.
A registration statement on Fo rm F-1 (File No. 333- 272028) relating to the Offering was filed with the
United States Securities and Exchange Commission (“SEC”) and became effective on August 21, 2023. The
Offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from
ThinkEquity, 17 State Street, 41 st Floor, New York, New York 10004. The final prospectus may also be
obtained at no cost by visiting the SEC’s website at http://www.sec.gov.
About Foremost Lithium
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Foremost Lithium is a hard -rock exploration company with over 43,000 acres located in Snow Lake,
Manitoba, and hosts a property in a known active lithium camp in Quebec called Lac Simard South situated
on over 11,400 acres.
Its five Lithium Lane Projects, Zoro, Jean Lake, Grass River, Peg North and Jol, as well as Lac Simard
South are strategically located to capitalize on the world's growing EV appetite and to become a premier
supplier of North America's lithium feedstock. As the world transitions towards decarbonization, the
Company's objective is the extraction of lithium oxide (Li₂O), and to subsequently play a role in the
production of high- quality lithium hydroxide (LiOH), to help power lithium- based batteries, critical in
developing a clean-energy economy. Foremost Lithium also has the Winston Gold/Silver Property in New
Mexico USA. Learn More at www.foremostlithium.com.
Forward Looking Statements
This press release contains “forward -looking statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in this press release may be identified
by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” "will” “would,”
or the negative of these words or other similar expressions, although not all forward- looking statements
contain these words. Forward- looking statements are based on Foremost Lithium’s current expectations
and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future events that may not prove to be accurate.
These and other risks and uncertainties are described more fully in the section titled “Risk Factors” in the
final prospectus related to the public offering filed with the Securities and Exchange Commission. Forward-
looking statements contained in this announcement are made as of this date, and Foremost Lithium
undertakes no duty to update such information except as required under applicable law.
On Behalf of the Board of Directors:
Jason Barnard, President and CEO
Email: [email protected]
Phone: +1 (604) 330-8067
Follow us or contact us on social media:
Twitter: @foremostlithium
Linkedin: www.linkedin.com/company/foremost-lithium-resourcetechnology/mycompany/
Facebook: www.facebook.com/ForemostLithium