Foremost Clean Energy Issues 137,590 Shares to Denison for $335,719
Foremost Clean Energy Ltd. announced that Denison Mines Corp. will subscribe for 137,590 common shares at $2.44 per share, totaling $335,719.60. This subscription is pursuant to Denison's equity participation right related to previous share issuances by Foremost. The proceeds will be used to advance exploration of Foremost's Athabasca Basin uranium portfolio, including the Hatchet Lake Uranium Project, and for general corporate purposes. Following the issuance, Denison's ownership in Foremost will increase from approximately 15.1% to 15.8%.
Key Highlights
- Foremost Clean Energy to issue 137,590 common shares to Denison Mines.
- Shares issued at $2.44 per share for an aggregate consideration of $335,719.60.
- Proceeds will advance exploration for Athabasca Basin uranium portfolio, including Hatchet Lake.
- Denison's stake increases from 15.1% (2,462,410 shares) to 15.8% (2,600,000 shares).
- Shares are subject to a four-month and one-day hold period.
- Denison also holds 607,600 Foremost warrants, representing 17% of outstanding warrants.
Price Impact
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