Foremost Clean Energy forms GR and Blackwing exploration joint ventures with Denison Mines
DNN•Foremost Clean Energy formed exploration joint ventures with Denison Mines for the GR and Blackwing properties, receiving $650,000 for a 31% interest and retaining 20% ownership in each. Denison will fund 80% of future expenditures and received 1,031,191 five-year warrants exercisable at $1.80.
1. Joint venture terms
Foremost Clean Energy formed exploration joint ventures with Denison Mines for the GR and Blackwing properties. The transaction generated $650,000 from the sale of a 31% interest, leaving Foremost with 20% ownership in each property.
2. Future funding and warrants
Denison will fund 80% of future expenditures and commit to geophysical studies or maintenance deposits through at least January 4, 2028. It received 1,031,191 five-year share purchase warrants exercisable at $1.80, subject to a 19.95% ownership cap.
3. Turkey Lake program
Foremost expects the proceeds to largely fund its recently commenced exploration program at Turkey Lake.
