Company: FMST
Filing Date: 2025-02-28
Form Type: 424B3
Source: 0001171843-25-001157
Chunk: 71

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-02-28
Form: 424B3
Chunk 71
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----|:--|-------------:|:----|:--|----------:|
| Chief Executive Officer |     | $ |       35,769 |     | $ |    20,769 |
| Chief Operating Officer |     |   |       53,930 |     |   |    21,084 |
| Chief Financial Officer |     |   |        7,875 |     |   |         - |
| Directors               |     |   |          148 |     |   |       127 |
| Former Directors        |     |   |       27,000 |     |   |    45,000 |
|                         |     | $ |      124,722 |     | $ |    86,980 |

The amounts due are unsecured, non-interest bearing, and have no specific terms of repayment.

SPIN-OUT TRANSACTION

On July 29, 2024, the Company entered into an Arrangement Agreement, which was amended and restated on November 4, 2024, to spin out 100% of the shares of its wholly-owned subsidiary, Sierra, into a newly incorporated subsidiary, Rio Grande Resources Ltd. (“Rio Grande” or “RGR”), by way of a plan of arrangement (the “Arrangement”). On January 31, 2025, Foremost and Rio Grande completed the previously announced spin-out transaction. As a condition to the completion of the Arrangement:

(i) Rio Grande issued a $677,450 promissory note (the “Barnard Promissory Note”) to related parties, Jason Barnard and Christina Barnard, due for payment on or before November 5, 2027, bearing interest at 8.95% per annum, accruing from four months after the Effective Date. The full amount of the Barnard Promissory Note was required to be settled by Rio Grande using funds from its first and, as necessary, subsequent post-closing financing(s). The Barnard Promissory Note was secured by a general security agreement.

(ii) Rio Grande issued a $520,000 promissory note (the “Foremost Promissory Note”) to the Company, due for repayment on or before November 5, 2027, bearing interest at 8.95% per annum, accruing from four months after the Effective Date. The Foremost Promissory Note was unsecured.

Pursuant to the terms of the Arrangement, the Company will (i)