<SEC-DOCUMENT>0001753926-23-001075.txt : 20230919
<SEC-HEADER>0001753926-23-001075.hdr.sgml : 20230919
<ACCEPTANCE-DATETIME>20230816173711
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ACCESSION NUMBER:		0001753926-23-001075
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Foremost Lithium Resource & Technology Ltd.
		CENTRAL INDEX KEY:			0001935418
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 250, 750 W. PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T7
		BUSINESS PHONE:		(604) 330-8067

	MAIL ADDRESS:	
		STREET 1:		SUITE 250, 750 W. PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T7

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Foremost Lithium Resources & Technology Ltd.
		DATE OF NAME CHANGE:	20220627
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 4.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
<FONT STYLE="text-transform: uppercase">16</FONT>, 2023</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>SUBMISSION
VIA EDGAR</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Division
of Corporation Finance</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Office
of Energy &amp; Transportation</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
and Exchange Commission</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100
F Street, N.E.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Washington,
D.C. 20549</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attn:
John Cannarella, Jenifer Gallagher,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John
Coleman, Cheryl Brown,</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and
Laura Nicholson</FONT></P>

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<TD STYLE="width: 36pt"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Re:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Responses
                                            to the U.S. Securities and Exchange Commission</FONT></TD></TR></TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 63.35pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Staff
Comments dated August 16, 2023 regarding</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 63.35pt; text-indent: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foremost
Lithium Resource&nbsp;&amp;&nbsp;Technology Ltd.<BR>
Amendment No.&nbsp;8 to Registration Statement on Form&nbsp;F-1<BR>
Filed August 9, 2023<BR>
File No.&nbsp;333-272028</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Sirs and Madams:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
letter responds to the written comments from the staff (the &ldquo;Staff&rdquo;) of the U.S. Securities and Exchange Commission
(the &ldquo;SEC&rdquo;) set forth in the August 16, 2023 letter regarding the above-referenced Amendment No. 8 to the Registration
Statement on Form F-1 (the &ldquo;Registration Statement&rdquo;) of Foremost Lithium Resource &amp; Technology Ltd. (the
&ldquo;Company&rdquo;, &ldquo;we,&rdquo; &ldquo;our,&rdquo; or &ldquo;us&rdquo;) filed on August 9, 2023. For your convenience, the
Staff&rsquo;s comments are included below and we have numbered our responses accordingly. Simultaneously with the transmission of
this letter, the Company is submitting via EDGAR an Amendment No. 6 to the Registration Statement, responding to the Staff&rsquo;s
comments and including certain other revisions and updates.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
numbers in the text of the Company&rsquo;s responses correspond to page numbers in the Registration Statement. Please note that capitalized
terms used but not otherwise defined in this letter have the meanings ascribed to such terms in the Registration Statement.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
responses are as follows:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendment
No.&nbsp;8 to Registration Statement on Form&nbsp;F-1 filed August 9, 2023</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Treatment
of Pre-funded Warrants, page 126</U></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Staff
Comment No. 1 </B></FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>We note your disclosure
                                                                                                                                           about the tax treatment of the Pre-funded Warrants, including that the Pre-funded Warrant should be treated as a separate class of
                                                                                                                                           your common shares for U.S. federal income tax purposes and a U.S. Holder of Pre-funded Warrants will not recognize gain or loss
                                                                                                                                           upon the exercise of a Pre-funded Warrant. Please attribute this representation of tax consequences to counsel and file a tax
                                                                                                                                           opinion pursuant to Item 601(b)(8) of Regulation S-K or advise why the tax consequences of your Pre-funded Warrants are not material
                                                                                                                                           to an investor.</B></FONT></TD></TR></TABLE>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason
Barnard</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Foremost
Lithium Resource &amp; Technology Ltd.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
16, 2023</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page
2</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Please
also update corresponding references to the estimate, as appear in the second paragraph on page 59 and the table on page 74, and provide
any incremental disclosures that are necessary to address change in the estimate since the end of the prior fiscal year to comply with
Items 1303(b)(3) and 1304(e) of Regulation S-K.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company&rsquo;s
Response:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the Staff&rsquo;s comment, we have revised the disclosure on page 126 to attribute the opinion to Dorsey &amp; Whitney LLP.
We have also revised Item 8 of the Form F-1 to include the tax opinion.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thank
you for your review of the filing. If you should have any questions regarding the response letter, please do not hesitate to contact
the undersigned at (604) 330-8067, or Anthony Epps of Dorsey &amp; Whitney LLP, our outside legal counsel at (303) 352-1109.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sincerely,<BR>
<BR>
Foremost Lithium Resource &amp; Technology Ltd.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jason
Barnard</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President
and Chief Executive Officer</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cc:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anthony
                                            Epps,&nbsp;Esq.</FONT></TD></TR></TABLE>



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