Foremost Lithium completes US$4M public offering, NASDAQ listing

Foremost Lithium Resource & Technology (NASDAQ: FMST; CSE: FAT) has completed its underwritten public offering in the United States with the sale of 800,000 units at US$5.00 each for total proceeds of US$4 million.

Each unit sold contains one common share of Foremost Lithium plus one warrant to purchase another common share at an exercise price of US$6.25. The warrants will be valid for five years.

Part of the proceeds from the offering will be used by the company for resource development activities. Funds will also be directed to annual property payments, claim payments and royalty payments.

Foremost currently holds five hard-rock lithium exploration projects totalling 221.6 sq. km in the Snow Lake mining district of Manitoba. To date, it has confirmed 40 discovered pegmatite dikes and 30 follow-up drill targets across its properties.

The company is also involved in precious metals exploration, with one gold-silver project in New Mexico. Its Jean Lake lithium project in Manitoba is also prospective for gold, with recent drilling returning a grade of 7.5 grams gold per tonne over 7.6 metres.

Shares of Foremost Lithium were down 4.4% to $5.40 apiece at mid-day Friday in Toronto on the NASDAQ exchange, with a market capitalization of $26.4 million.