Foremost Clean Energy (NASDAQ: FMST) (CSE: FAT), an emerging North American uranium and lithium exploration company, announced Monday morning that it has officially closed the first phase of its transaction with Denison Mines Corp. (TSX: DML) (NYSE American: DNN). The company has acquired 20% of Denison’s interest in 10 uranium exploration properties in the Athabasca Basin in Northern Saskatchewan, covering more than 330,000 acres. In addition to other considerations, Denison was issued an aggregate of 1,369,810 common shares of Foremost, becoming the Foremost’s largest shareholder at 19.95%. Denison today announced the filing of an early warning report, under National Instrument 62-103, regarding this holding in Foremost.
Foremost has also appointed David Cates, President and CEO of Denison, to its board of directors and Andy Yackulic, Denison’s VP of Exploration, as a technical and geoscientific advisor in its advisory board. In addition, the company has entered into an investor rights agreement with Denison and become the operator of the ten properties.
“We are pleased to officially close the first phase of this transformational transaction, marking a significant milestone for Foremost and its shareholders. The company is fortunate to acquire an interest in a large portfolio of ten prospective projects situated amongst well-established infrastructure, mills and operating mines,” said Jason Barnard, President and CEO of Foremost.
To view the full press releases, visit https://ibn.fm/oY16X and https://ibn.fm/V6fn8
About Foremost Clean Energy Ltd.
Foremost Clean Energy, assuming the effectiveness of the transaction, will be an emerging North American uranium exploration company with interests in 10 prospective properties spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin. As global demand for decarbonization accelerates, the need for nuclear power is crucial. Foremost expects to be positioned to capitalize on the growing demand for uranium through discovery in a top jurisdiction with the objective to support the world’s energy-transition goals. Alongside its exploration partner Denison, Foremost will be committed to a strategic and disciplined exploration strategy to identify resources by testing drill–ready targets with identified mineralization along strike of recent major discoveries. Foremost also maintains a secondary portfolio of significant lithium projects at different stages of development spanning over 50,000 acres across Manitoba and Quebec. For more information about the company, visit www.ForemostCleanEnergy.com.
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