Foremost Clean Energy announces warrant incentive program

Foremost Clean Energy (FMST) announced the initiation of a warrant incentive program intended to encourage the exercise of up to 487,848 warrants issued in connection with the non-brokered private placement of 436,122 flow-through units and 152,941 non flow-through units completed by the Company in two tranches on March 13, 2024 and April 29, 2024. Pursuant to the Incentive Program, the Company is offering an inducement to each holder of Warrants that exercises their Warrants during the period expiring June 05, 2025 consisting of: a temporary repricing of the Warrant exercise price from $4.00 to $1.75 per Common Share; and the grant of an additional common share purchase warrant for each exercised Warrant exercisable at $2.20 per Common Share for a period of one year from the date of issuance.Warrant Holders who wish to participate in the Incentive Program will be required to deliver the original warrant exercise documents dated March 13, 2024 or April 29, 2024, respectively, together with the applicable funds, to the Company prior to June 05, 2025 at which time, Warrant holders will receive Incentive Warrants. The Warrants that remain unexercised following the Early Exercise Period will immediately become subject to their original terms and conditions, including with respect to the pricing thereof and no Incentive Warrants will thereafter be issuable on exercise. The Company will not be permitted to further amend the pricing of the Warrants. The Company anticipates using the proceeds from the exercise of any Warrants for investment purposes. Only 10% of the warrants held by insiders of the Company are eligible for exercise pursuant to the Incentive Program. No finder’s warrants issued in connection with the Prior Private Placements will be eligible to participate in the Incentive Program.