Denison to File Early Warning Report in Respect of Foremost Clean Energy Ltd. By Investing.com

TORONTO, Nov. 15, 2024 /PRNewswire/ –  Denison Mines Corp.  (“Denison” or the “Company“) (TSX: DML; NYSE American: DNN) congratulates Foremost Clean Energy Ltd. (“Foremost“) (NASDAQ:FMST) (CSE:FAT) on the completion of its $10,500,250 private placement of units on November 14, 2024 (the “Offering“).   The Offering provides Foremost with significant funding to support its objective of exploring a portfolio of Saskatchewan uranium exploration properties pursuant to an option agreement entered into with Denison on September 23, 2024 (the “Option Agreement“). Denison participated in the Offering and will be filing an early warning report pursuant to National Instrument 62-103 in respect of the change in holdings in Foremost. View PDF version.

Under the Offering, Foremost issued 1,473,000 units at a price of C$3.00 per unit, 1,022,500 flow-through units at a price of C$3.50 per flow-through unit, and 550,000 flow-through units sold to charitable purchasers at a price of C$4.55 per charity flow-through unit.   Each unit is comprised of one Foremost common share and one Foremost common share purchase warrant (each, an “Offering Warrant“).   Each Offering Warrant entitles the holder to purchase one Foremost common share, for $4.00 per share, within 24 months after the closing date of the Offering.

Prior to the Offering, Denison held 1,369,810 Foremost common shares (representing 18.79% of Foremost’s issued and outstanding shares prior to closing of the Offering), which Denison received pursuant to the Option Agreement, as partial consideration for Foremost’s acquisition of an initial 20%  of Denison’s interest in 10 uranium exploration properties (see press release dated October 7, 2024 for more details).   Prior to the Offering, Denison did not hold any Foremost warrants.

Under the Offering, Denison exercised its rights under its Investor Rights Agreement with Foremost and acquired 607,600 units, comprised of 607,600 Foremost common shares and 607,600 Offering Warrants,  for $3.00 per unit, for an aggregate subscription price of $1,822,800.    Denison now owns 1,977,410 Foremost common shares and 607,600 Foremost warrants, immediately following the closing of the Offering, representing 19.13% of the issued and outstanding common shares of Foremost and 13.09% of the issued and outstanding warrants of Foremost.

Additional Information

The Foremost Shares were acquired by Denison for investment purposes. The Company intends to review, on a continuous…