Foremost Clean Energy Strengthens Strategic Partnership with Denison Mines Through $1.07 Million Share Issuance
TL;DR
Denison Mines increases stake in Foremost Clean Energy to 19.17%, gaining strategic advantage in uranium exploration partnerships and future resource development.
Foremost issues 485,000 shares to Denison at $2.20 each under their amended investor rights agreement, with a four-month hold period on the shares.
This investment supports clean energy exploration for uranium and lithium, contributing to sustainable power solutions and reducing carbon emissions globally.
Foremost's uranium projects span over 330,000 acres in Saskatchewan's Athabasca Basin, a region rich with exploration potential and historical significance.
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Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) will issue 485,000 common shares to Denison Mines Corp. (TSX: DML, NYSE American: DNN) at $2.20 per share for total proceeds of $1,067,000 under the companies' Amended & Restated Investor Rights Agreement dated July 23, 2025. This transaction brings Denison's ownership to approximately 19.17% of Foremost's outstanding common shares, significantly deepening the strategic relationship between the two mining companies. The share issuance, which was approved by the Canadian Securities Exchange, relates to Denison's equity participation right on prior warrant exercises and property payments.
The newly issued shares will be subject to a four-month-plus-one-day hold period, providing market stability while allowing the companies to advance their collaborative exploration efforts. This transaction demonstrates the ongoing financial commitment between the partners as they pursue uranium and lithium exploration projects. Foremost Clean Energy holds an option from Denison Mines Corp. to earn up to a 70% interest in 10 prospective uranium properties, with the exception of the Hatchet Lake property where Foremost can earn up to 51%. These properties span over 330,000 acres in the prolific, uranium-rich Athabasca Basin region of northern Saskatchewan.
As demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are positioned for dynamic growth, playing a crucial role in the future of clean energy infrastructure. The company's uranium projects are at various stages of exploration, ranging from grassroots initiatives to properties with significant historical exploration and drill-ready targets. Foremost's mission centers on making substantial discoveries alongside Denison through systematic and disciplined exploration programs. The latest news and updates relating to FMST are available in the company's newsroom at https://ibn.fm/FMST. MiningNewsWire, which published the announcement, is a specialized communications platform focusing on developments and opportunities in the global mining and resources sectors, operating as one of 70+ brands within the Dynamic Brand Portfolio that delivers comprehensive market reach and communications solutions.
Curated from InvestorBrandNetwork (IBN)
