Company: FMST
Filing Date: 2025-07-08
Form Type: POS AM
Source: 0001171843-25-004344
Chunk: 36

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-07-08
Form: POS AM
Chunk 36
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 incorporation and amendments thereto,
which are filed as exhibits to the registration statement of which this prospectus forms a part.

As of June 12, 2025 we had 19 shareholders of record, holding 11,956,284
common shares issued and outstanding, of which 849,128 shares (approximately 7.101%) were held by shareholders of record located in the
United States.

Share Capital

Under our articles of incorporation, the holders
of our common shares are entitled to one vote for each share held at any meeting of the shareholders. The holders of our common shares
are entitled to receive dividends as and when declared by our board of directors. In the event of our liquidation, dissolution or winding-up
or other distribution of our assets among our shareholders, the holders of our common shares are entitled to share pro rata in the distribution
of the balance of our assets.

All common shares outstanding after completion of
this offering will be fully paid and non-assessable and are not subject to any pre-emptive rights, conversion or exchange rights, redemption,
retraction, purchase for cancellation or surrender provisions, sinking or purchase fund provisions, provisions permitting or restricting
the issuance of additional securities or provisions requiring a shareholder to contribute additional capital.

Warrants

All of the Company’s outstanding warrants were
granted in connection with private placements and each warrant can be exercised for one common share. None of the warrants have a cashless
exercise feature thus no issuance of common shares would occur if the market price is less than the exercise price. As of July 25, 2024,
there are 1,438,153 warrants issued and outstanding.

Options

The Company follows the policies of the Canadian
Securities Exchange under which it is authorized to grant options to executive officers and directors, employees, and consultants enabling
them to acquire up to 10% of the issued and outstanding common shares of the Company. As of July 25, 2024, there are currently 281,000
stock options issued and outstanding. Under the policies, the exercise price of each option may not be less than the market price of the
Company’s stock as calculated on the day before the date of grant. The options can be granted for a maximum term of ten years. The
options shall be subject to such vesting requirements, if any, as may be determined by the board from time to time provided that options
granted to consultants performing “investor relation activities” must vest in stages over