Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 25

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 4
Chunk 25
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ory note (the “ Foremost Promissory Note”) to Foremost, also due on or before November 5, 2027, with the same interest terms and unsecured.

Pursuant to the Arrangement, Foremost transferred to Rio Grande the right to collect receivables from Sierra as of the Effective Date and all of Sierra's outstanding shares in exchange for 25,827,349 shares of Rio Grande. This share issuance was calculated based on the number of Foremost shares outstanding immediately prior to the Effective Date, multiplied by two and divided by 0.8005 as Foremost retained interest to hold ~ 19.95 of Rio Grande’s outstanding shares. In the share exchange program, all Foremost shareholders received one (1) new common share of Foremost (each, a “ New Foremost Share”) and two (2) common shares of Rio Grande (the “ Rio Grande Shares”) for each Foremost common share (“ Foremost Share”) held.

The Arrangement also addressed Foremost's equity incentives. Each outstanding Foremost stock option (“ Foremost Option”) was exchanged such that 91.36% of each option became one new Foremost option (a “ Foremost Replacement Option”), and 8.64% became two Rio Grande options (“ Rio Grande Options”), with exercise prices adjusted based on the fair market values of Foremost and Rio Grande shares at the Effective Date. Similarly, each Foremost restricted share unit (“ Foremost RSU”) was exchanged for 91.36% in new Foremost RSUs and 8.64% in two Rio Grande RSUs, maintaining original vesting terms. Foremost share purchase warrants (“ Foremost Warrants”) were amended to entitle holders to receive, upon exercise, one new Foremost share and two Rio Grande shares per warrant, with exercise prices adjusted proportionally based on share values at the Effective Date.

Foremost and Rio Grande agreed that Rio Grande would issue shares as needed to satisfy warrant exercises, with Foremost acting as Rio Grande's agent to collect and remit a portion of the exercise proceeds. The terms of the Foremost Warrants otherwise remained unchanged, ensuring equitable treatment of security holders while facilitating the spin-out of Sierra's assets to Rio Grande.

Our registered office address is 750 West Pender Street, Suite 250 Vancouver, British Columbia V7Y 1K3 Canada V7Y 1B3 Canada. Our company email address is info@foremostcleanenergy. com. Our telephone number is (604)