Core Viewpoint - Foremost Clean Energy Ltd. has successfully completed the spin-out of its Winston gold and silver properties to Rio Grande Resources Ltd., allowing both companies to focus on their respective assets and growth opportunities [1][2]. Company Overview - Foremost Clean Energy Ltd. is an emerging North American uranium and lithium exploration company, holding an option to earn up to a 70% interest in 10 uranium properties across over 330,000 acres in the Athabasca Basin, Saskatchewan [8]. - The company also has a portfolio of lithium projects at various stages of development, located across more than 55,000 acres in Manitoba and Quebec [9]. Spin-Out Details - The spin-out was executed through a statutory plan of arrangement, where shareholders of Foremost received one new common share of Foremost and two common shares of Rio Grande for each share held [2]. - The spin-out allows Rio Grande to focus on the Winston Property, which includes past-producing gold and silver mines, at a time when gold prices are nearing US$2,800 per ounce [2]. Shareholder Impact - Following the arrangement, Denison Mines Corp. acquired 3,954,820 Rio Grande Shares, increasing its ownership from 0.0% to 15.31% of Rio Grande's issued shares [5]. - Foremost now holds 19.95% of Rio Grande's issued shares, which it intends to review continuously for potential acquisition or disposal [4]. Listing Information - The listing of Rio Grande Shares on the Canadian Securities Exchange under the symbol 'RGR' is expected to commence on or around February 4, 2025, subject to meeting all listing conditions [3].
Foremost Clean Energy and Rio Grande Resources Announce Completion of Spin-Out Transaction