08:15 AM EDT, 10/07/2024 (MT Newswires) -- Foremost Clean Energy Ltd. ( FMST ) , an emerging North American uranium and lithium exploration company, announced Monday that it has now completed Phase One of its transaction with Denison Mines Corp. ( DNN ) , acquiring 20% of Denison's interest in 10 uranium exploration properties covering over 330,000 acres in the Athabasca Basin in Northern Saskatchewan.

An Option Agreement provides Foremost with the option to acquire up to 70% of Denison's interest in 10 exploration properties over three earn-in phases.

In addition to the other considerations, Denison was issued from treasury 1,369,810 common shares in the capital of Foremost. Prior to the share issuance, Denison said it held no Foremost shares. Immediately after giving effect to the share issuance, Denison had beneficial ownership of, or control and direction over, 1,369,810 Foremost Shares, representing approximately 19.95% of the issued and outstanding common shares of Foremost.

Also Foremost appointed David Cates, the President and CEO of Denison, to its board of directors.

Jason Barnard President and CEO of Foremost, in a statement said the transaction marked a "significant milestone" for Foremost and its shareholders. "The company is fortunate to acquire an interest in a large portfolio of 10 prospective projects situated amongst well-established infrastructure, mills and operating mines.

"With David Cates joining our Board of Directors, we also have the advantage of Denison's support and David's significant experience leading a highly successful advanced uranium developer in the Athabasca Basin."