Company: FMST
Filing Date: 2025-08-06
Form Type: F-3
Source: 0001171843-25-005054
Chunk: 73

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-08-06
Form: F-3
Chunk 73
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, if you purchase common shares in this offering, you will experience immediate and substantial dilution of US$0.76 per common share in the net tangible book value of common shares. See the section titled “Dilution” below for a more detailed discussion of the dilution you will incur if you purchase common shares in this offering.

The amount of net proceeds, if any,
we receive from this offering is uncertain.

There is no certainty that gross proceeds of US$15,000,000
will be raised under the offering. Canaccord has agreed to use its commercially reasonable efforts to sell, on our behalf, the common
shares we request to be sold, but we are not required to request the sale of the maximum amount offered or any amount and, if we request
a sale, Canaccord is not obligated to purchase any common shares that are not sold. As a result of the offering being made on a commercially
reasonable efforts basis with no minimum, and only as requested by us, we may raise substantially less than the maximum total offering
amount or nothing at all.

We have broad discretion in the
use of the net proceeds from this offering and may not use them effectively.

Our management will have broad discretion in the application
of the net proceeds from the offering and could spend the proceeds in ways that do not improve our results of operations or enhance the
value of our common shares. The failure by management to apply these funds effectively could result in financial losses that could have
a material adverse effect on our business and cause the price of our common shares to decline. Pending their use, we may invest the net
proceeds from the offering in a manner that does not produce income or that loses value.

The actual number of shares we will
issue under the Equity Distribution Agreement, at any one time or in total, is uncertain.

Subject to certain limitations in the Equity Distribution
Agreement and compliance with applicable law, we have the discretion to deliver a placement notice to Canaccord at any time throughout
the term of the Equity Distribution Agreement or not at all. The number of shares that are sold by Canaccord after delivering a placement
notice will fluctuate based on the market price of our common shares during the sales period and limits we set with Canaccord. Because
the price per share of each common share sold will fluctuate based on the market price of our common shares during the sales period, and
because the amount of common shares to be sold, if any, is within our discretion