Company: FMST
Filing Date: 2025-07-28
Form Type: DRS
Source: 0001171843-25-004725
Chunk: 30

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-28
Form: DRS
Chunk 30
---
 exchange of their Subscription Receipts, plus any cash payments, all as provided
for under the Subscription Receipt Agreement and only once the Release Conditions have been satisfied. If the Release Conditions are not
satisfied, holders of Subscription Receipts shall be entitled to a refund of all or a portion of the subscription price thereof and all
or a portion of the pro rata share of interest earned or income generated thereon, as provided in the Subscription Receipt Agreement.

#### Escrow
The Subscription Receipt Agreement will provide that
the Escrowed Funds will be held in escrow by the Escrow Agent, and such Escrowed Funds will be released to us (and, if the Subscription
Receipts are sold to or through underwriters or agents, a portion of the Escrowed Funds may be released to such underwriters or agents
in payment of all or a portion of their fees in connection with the sale of the Subscription Receipts) at the time and under the terms
specified by the Subscription Receipt Agreement. If the Release Conditions are not satisfied, holders of Subscription Receipts will receive
a refund of all or a portion of the subscription price for their Subscription Receipts, plus their pro rata entitlement to interest earned
or income generated on such amount, if provided for in the Subscription Receipt Agreement, in accordance with the terms of the Subscription
Receipt Agreement. Common Shares or Warrants may be held in escrow by the Escrow Agent and will be released to the holders of Subscription
Receipts following satisfaction of the Release Conditions at the time and under the terms specified in the Subscription Receipt Agreement.

#### Modifications
The Subscription Receipt Agreement will specify the
terms upon which modifications and alterations to the Subscription Receipts issued thereunder may be made by way of a resolution of holders
of Subscription Receipts at a meeting of such holders or consent in writing from such holders. The number of holders of Subscription Receipts
required to pass such a resolution or execute such a written consent will be specified in the Subscription Receipt Agreement.

The Subscription Receipt Agreement will also specify
that we may amend any Subscription Receipt Agreement and the Subscription Receipts, without the consent of the holders of the Subscription
Receipts, to cure any ambiguity, to cure, correct or supplement any defective or inconsistent provision, or in any other manner that will
not materially and adversely affect the interests of the holders of outstanding Subscription Receipts or as otherwise specified in the
Subscription Receipt Agreement.

### DESCRIPTION OF DEBT SECURITIES
The Debt Securities may be issued in one or