Foremost Clean Energy Ltd. (NASDAQ: FMST) closed a bought‑deal private placement on March 31, 2026, raising C$5,746,680 in gross proceeds. The offering, led by Canaccord Genuity Corp., consisted of 1,690,200 flow‑through units priced at C$3.40 each. Each unit contains one common share and a half warrant that can be exercised at C$4.40 within 24 months of the closing date.
The company will use the proceeds to fund Canadian exploration expenses that qualify as flow‑through critical‑mineral mining expenditures on its uranium and lithium projects in Saskatchewan and Manitoba. The tax‑renunciation of these expenditures will occur by December 31, 2026, allowing investors to claim the tax deduction. The shares and warrants are subject to a hold period of four months and one day, in line with Canadian securities regulations.
This financing follows a November 2024 brokered private placement of C$10.5 million and supports the company’s ongoing exploration program, which includes a winter diamond drill program at the Hatchet Lake Uranium Project and positive lithium assay results from the Jean Lake Gold‑Lithium Project in Manitoba. The flow‑through structure is a common strategy for junior exploration companies, providing tax‑efficient capital while preserving cash for drilling and development.
Foremost Clean Energy maintains an option agreement with Denison Mines Corp. that could allow it to earn up to a 70 % interest in ten prospective uranium properties in the Athabasca Basin. The new capital injection strengthens the company’s ability to pursue these opportunities and advance its critical‑mineral portfolio, positioning it to benefit from the growing global demand for uranium and lithium in clean‑energy applications.
Several directors participated in the offering, underscoring management’s confidence in the company’s exploration strategy and the value of the flow‑through financing.
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