Foremost Lithium Resource and Technology Announces Non-Brokered Flow-Through Offering
Foremost Lithium Resource and Technology
Announces Non-Brokered Flow-Through
Offering
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2022) -
Foremost Lithium Resource &
Technology Ltd. (CSE: FAT) (OTCQB: FRRSF) (FSE: F0R0) (WKN: A3DCC8) ("Foremost" or
the "Company")
(
www.foremostlithium.com
), is pleased to announce a non-brokered private
placement for the sale of an aggregate of 1,992,814 flow through common shares of the Company (the
"FT Shares") at a price of $0.34 per FT Share for gross proceeds of approximately C$677,556.76, (the
"Offering"). The Company has received signed subscription agreements for the above targeted amount.
An amount equal to the gross proceeds from the Offering will be used for exploration expenses on the
Company's mineral properties in Manitoba, which will qualify as "Canadian Exploration Expenses", will
be either expenses that qualify for the "critical mineral exploration tax credit" or
"flow-through mining
expenditures", as those terms are defined in the
Income Tax Act
(Canada), and will be "flow-through
mining expenditures", as defined in the
Income Tax Act (Manitoba).
These expenses
will be renounced
to the initial purchasers of the FT Shares with an effective date no later than December 31, 2022.
The FT Shares will be offered pursuant to available prospectus exemptions under NI 45-106 -
Prospectus Exemptions
in all the provinces of Canada and will be subject to a hold period in Canada of
four months and one day following the closing date.
Closing of the Offering is subject to the satisfaction of certain conditions including, but not limited to, the
receipt of all necessary regulatory and other approvals and compliance with the Policies of the Canadian
Securities Exchange. Finder's fees of 7% cash consideration and 7% finder's warrants ("Finder's
Warrants") may be paid to eligible arm's length finders in connection with the financing.
Each Finder's
Warrant will be exercisable to acquire one common share of the Company at a price of $0.20 per share
for a period of 24 months from the date of issue.
About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a resource exploration company driven to become one of the first North American
Companies to provide lithium used 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 five lithium properties: Jean Lake, Grass River, Zoro and Jol
located in Snow Lake, Manitoba, and Hidden Lake in the Northwest Territories. Foremost also holds its
Winston Gold/Silver Project in New Mexico, USA
For further information please contact:
John Gravelle
President and CEO
Foremost Lithium Resource &Technology Ltd.
Email:
Phone: +1 (604) 330-8067
Follow us and contact us on social media:
Twitter:
@foremostlithium
Linkedin:
https://www.linkedin.com/company/foremost-lithium-resource-technology/mycompany
Facebook:
https://www.facebook.com/ForemostLithium
Forward looking statement:
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 in prices of metals including
gold; increases or decreases 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,
changes in applicable laws or stock exchange policies and receipt of any requires regulatory approvals
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 in the United States in which such offer, solicitation or sale would be
unlawful.
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https://www.newsfilecorp.com/release/128823