Core Viewpoint - Foremost Clean Energy Ltd. is executing a spin-out of its gold and silver properties into a new public company, Rio Grande Resources Ltd., effective January 30, 2025, which aims to enhance shareholder value by allowing focused growth in both companies [1][4]. Company Structure and Shareholder Impact - Shareholders of Foremost as of January 29, 2025, will receive one New Foremost Share and two Rio Grande Shares for each Foremost Share held [1]. - The reclassification of Foremost Shares to New Foremost Shares has been applied for approval from the Canadian Securities Exchange (CSE) [2]. - Conditional approval has been received to list Rio Grande Shares on the CSE under the symbol "RGR" [3]. Management Commentary - The President and CEO of Foremost expressed enthusiasm about the spin-out, highlighting its potential to sharpen focus on uranium and lithium assets while independently advancing gold and silver properties through Rio Grande [4]. Shareholder Instructions - Registered shareholders must deposit their original share certificates and complete a Letter of Transmittal to receive the Consideration Shares [4]. - Beneficial shareholders whose shares are registered with intermediaries should contact those intermediaries for instructions on receiving their shares [5]. Warrant Holder Information - Each warrant holder will be entitled to one New Foremost Share and two Rio Grande Shares upon exercise, with no new certificates required [6]. Company Overview - Foremost Clean Energy Ltd. is focused on uranium and lithium exploration, holding options to earn up to a 70% interest in 10 uranium properties in the Athabasca Basin, covering over 330,000 acres [9]. - The company also has lithium projects across more than 55,000 acres in Manitoba and Quebec [10].
Foremost Clean Energy Provides Positive Update on Spin-Out of Rio Grande Resources