Foremost Clean Energy's Rio Grande stake dropped to 8.65% from 11.01% after a C$2.55 million private placement. The dilution exempts Foremost from early warning reporting requirements.
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Foremost Clean Energy Ltd. (NASDAQ: FMST) said it has fallen below the 10% ownership threshold in Rio Grande Resources Ltd. after the junior company closed a private placement that diluted Foremost's stake from 11.01% to 8.65%.
The uranium, lithium, and gold explorer filed an early warning report after Rio Grande raised C$2.55 million through the sale of 12.73 million units at C$0.20 each on Aug. 24. Each unit consists of one common share and a warrant exercisable at C$0.40 for two years. Foremost did not participate in the placement.
Foremost owned 5.15 million Rio Grande shares before the deal, representing 11.01% of the outstanding float. After the placement, that stake dropped to roughly 8.65%, exiting the 10% threshold that triggers early warning reporting requirements under Canadian securities rules.
The filing, required under National Instrument 62-103, will be available on SEDAR+.
Foremost holds an option from Denison Mines Corp. to earn up to a 70% interest in 10 uranium properties spanning over 330,000 acres in Saskatchewan's Athabasca Basin, along with a portfolio of lithium projects in Manitoba.
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