Germany Chancellor plans lithium deal with Serbia after Rio ruling
Olaf Scholz plans to visit Serbia this week to secure supplies of lithium that are critical for the nation’s energy transition and auto industry.
Foremost Lithium Resource & Technology (Nasdaq: FMST, FMSTW) has completed its underwritten public offering in the United States with the sale of 800,000 units at $5.00 each for total proceeds of $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 $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 square kilometres 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 gold grade of 7.50 grams per tonne over 7.66 metres.
Shares of Foremost Lithium were up 3.2% by market close on the Nasdaq exchange Thursday, with a market capitalization of C$27.7 million ($20.4m).
