Foremost Lithium Announces Closing of USD $4.0 Million Public Offering and NASDAQ Listing
24 Août 2023 - 7:26PM
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 any 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 share (a “Pre-Funded Warrant”) and one Common Warrant,
and would be issued at a price of USD $4.99. Each 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 Form 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, 41st 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 LithiumForemost
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 StatementsThis
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 CEOEmail: info@foremostlithium.comPhone: +1
(604) 330-8067
Follow us or contact us on social
media:Twitter: @foremostlithiumLinkedin:
www.linkedin.com/company/foremost-lithium-resourcetechnology/mycompany/Facebook:
www.facebook.com/ForemostLithium
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