Effective February 15, 2022, a total of 1,500,000 common shares were issued upon the redemption of 1,500,000 of the previously granted PSUs. Subsequently, effective August 19, 2022, a total of 6,500,000 previously granted PSUs were canceled in connection with the resignation of a director of the Company.
Pursuant to a resolution adopted by the Board of Directors of the Corporation effective September 7, 2022, the Corporation has amended the PSU Plan in order, among other things, to increase the aggregate fixed number of common shares reserved for issuance upon the redemption of PSUs at 19,628,579 (i.e. 10% of the then issued and outstanding common shares of the Corporation) so that more PSUs are available to be offered to new independent directors who may join the Board as well as additions to the management team with performance milestones to be determined by the Board at the time of issuance.
As part of the amendments made to the PSU plan, effective September 7, 2022, the Board canceled a total of 6,999,996 previously granted PSUs and granted, effective October 9, 2022, 13,000,000 new PSUs with a expiration date of October 9, 2025 (the “New PSU”).
A total of 3,900,001 of the New PSUs will vest and become redeemable upon the occurrence of certain liquidity events in the financial markets, with the balance vesting upon reaching certain closing price milestones between $0.39 and $1. $.36 (subject to adjustments related to any capital reorganization).
Following the Cancellations and Grants, a total of 14,000,000 PSUs issued and outstanding under the PSU Plan, of which 1,000,000 PSUs expiring on January 17, 2025 have vested and are currently redeemable, 13,000,000 expiring on October 9, 2025 remain unvested, and another 4,128,579 PSUs remain reserved for issuance under the PSU Plan.
The PSU plan will be submitted to the shareholders for ratification at the annual general and special meeting of the Company scheduled for November 30, 2022. In the event that the ratification of the PSU plan is not approved by the shareholders, it It is expected that the Board of Directors of the Corporation will terminate the PSU Plan, so that no additional PSUs will be available for grant. All PSUs currently outstanding would remain in effect until the earliest of their respective expiration, redemption or lapse dates.
The Board also wishes to announce that John Gravelle has ceased to act as Chief Executive Officer and President, effective September 29, 2022, but remains on the Company’s Board of Directors. Foremost intends to conduct an executive search to identify internal and external candidates to fill the role(s) to lead the organization into its next chapter.
The Board also advises that the results of the previously announced XPS study evaluating whether the company’s properties can produce battery-grade lithium hydroxide have been delayed due to backlogs at testing laboratories contracted with the society.
On behalf of the Board of Directors
Andrew Lyons, Chief Financial Officer and Director
About Foremost Lithium Resource & Technology Ltd.
Foremost Lithium is a hard rock exploration company strategically located to capitalize on the world’s growing appetite for electric vehicles and is committed to being a premier supplier of lithium feedstock in North America. As the world moves towards decarbonization, the company is focused on exploring and growing its 5 Lithium Lane Projects in Snow Lake, Manitoba and its Hidden Lake Lithium Project in the Northwest Territories. Foremost Lithium also owns the Winston Gold/Silver property in New Mexico in the United States.
Above all Lithium Resource & Technology Ltd.
Email: [email protected]
Phone: +1 (604) 330-8067
Follow us or contact us on social networks:
All statements contained in this press release, other than statements of historical facts, are “forward-looking information” regarding Foremost within the meaning of applicable securities laws. Foremost provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, such information is subject to inherent risks and uncertainties which may be general or specific and which give rise to the possibility that the expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that the assumptions incorrect, and that the objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include, but are not limited to, market conditions, exploration discoveries, results and recommendations, and risks and uncertainties identified and reported in public filings by Foremost under the SEDAR profile. from Foremost at www.sedar.com. Although Foremost has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking information, there may be other factors that cause actions, the events or results are not those anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Foremost disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142866