Foremost Lithium Resource & Technology Ltd. announced a best efforts non-brokered private placement to issue 637,755 flow-through units at a price of CAD 5.88 per unit for the gross proceeds of CAD 3,749,999.4 and 441,176 non flow-through units at an issue price of CAD 1,499,998.4; aggregate gross proceeds of CAD 5,249,997.8 on February 13, 2024. Each FT Unit will be comprised of one flow-through common share and one non-flow-through common share purchase warrant with each Warrant entitling the holder thereof to purchase an additional non-flow-through common share at an exercise price of CAD4.00 per Warrant Share, for a period of 24 months from the closing of the FT Private Placement. Each NFT Unit will be comprised of one common share and one common share purchase warrant and with each PP Warrant entitling the holder thereof to purchase an additional Share at an exercise price of of CAD .00 per Share for a period of 24 months from the closing of the Private Placement.

The Private Placements are expected to close on or about March 15, 2024 and are subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance of the CSE and no objection from the Nasdaq Capital Market. The securities issued under the Private Placements will be subject to a statutory hold period in Canada of four months and a day from the date of issuance in accordance with applicable securities laws.