Foremost Clean Energy Ltd. completed a bought deal private placement raising C$5.7 million to fund exploration of its uranium and lithium properties in Saskatchewan and Manitoba.
Key takeaways
The company raised C$5,746,680 through a private placement of flow-through units, with proceeds earmarked for Canadian exploration expenses on its mineral properties.
The offering involved issuing 1,690,200 flow-through units at C$3.40 each, each consisting of one common share and one-half of a warrant exercisable at C$4.40 until March 31, 2028.
Directors participated in the offering for 63,000 units, constituting a related party transaction exempt from formal valuation and minority approval requirements under MI 61-101.
The company must use the proceeds to incur qualifying Canadian exploration expenses by December 31, 2027 and renounce them to purchasers by December 31, 2026, with indemnification provisions for failure to do so.
Securities are subject to a four-month hold period and were not registered under U.S. securities laws, restricting their offer or sale in the United States.