09:58 AM EDT, 05/19/2026 (MT Newswires) -- Foremost Clean Energy (FAT.CN) was notified by Denison Mines (DML.TO) of its intention to subscribe for common shares under an equity participation right relating to certain share issuances, the company said on Tuesday.

The share issuances were related to the closing of a bought deal private placement of flow through units.

In connection with the exercise of the equity participation right, Foremost will issue 137,590 common shares to Denison at a price of $2.44 per share for total consideration of $335,719.60.

The proceeds from the private placement will be used to advance exploration for Foremost's 330,000-acre Athabasca Basin uranium portfolio, including its flagship Hatchet Lake uranium project, and for general corporate purposes.

Denison held about 2.5 million Foremost common shares, representing about 15.1% of Foremost's issued and outstanding shares prior to closing of the issuance to Denison.

On completion of the issuance to Denison, Denison is expected to hold 2.6 million Foremost common shares, representing about 15.8% of Foremost's then issued and outstanding shares.

Denison also holds 607,600 Foremost warrants, representing about 17% of the issued and outstanding warrants of Foremost.

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