StockNews.AI
FMST
StockNews.AI
218 days

Foremost Clean Energy Announces Court Approval of Spin-Out of Rio Grande Resources

1. Foremost Clean Energy obtains court approval for property spin-out arrangement. 2. 99.86% of shareholders voted in favor of the arrangement. 3. Shareholders will receive new shares in Foremost and Rio Grande post-arrangement. 4. The arrangement enhances capital structure and focus on uranium and lithium exploration. 5. Dynamic growth expected in uranium and lithium markets amid clean energy demand.

9m saved
Insight
Article

FAQ

Why Bullish?

The spin-out may create shareholder value, similar to past successful spin-offs.

How important is it?

The arrangement is significant for corporate strategy and long-term prospects.

Why Long Term?

The benefits from the spin-out will materialize over time as projects progress.

Related Companies

RIODNNDML
January 13, 2025 08:30 ET  | Source: Foremost Clean Energy Ltd. VANCOUVER, British Columbia, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (“Foremost” or the “Company”), an emerging North American uranium and lithium exploration company, is pleased to announce that the Company has obtained a final order from the Supreme Court of British Columbia approving the proposed plan of arrangement (the “Arrangement”) under which the Company will spin-out its gold and silver properties located in Sierra County, New Mexico, United States (collectively, the “Winston Property”) to shareholders through Rio Grande Resources Ltd. (“Rio Grande”), a wholly-owned subsidiary of the Company. The Arrangement was previously approved by 99.86% of votes cast by Foremost shareholders (the “Shareholders”) at the annual general and special meeting of Shareholders held on December 20, 2024. Subject to the satisfaction or waiver of the remaining closing conditions set forth in the arrangement agreement, including final approval of the Canadian Securities Exchange (the “CSE”), Foremost expects that the Arrangement will become effective in January, 2025. Upon completion of the Arrangement, each Shareholder as of immediately prior to the closing date of the Arrangement (the "Effective Date"), will receive one (1) new common share of Foremost and two (2) common shares of Rio Grande (the “Rio Shares") for each common share of Foremost held immediately prior to the Effective Date. Additional information regarding the terms of the Arrangement, including a summary of the terms and conditions of the arrangement agreement, is set out in the Company’s information circular dated November 12, 2024, which is filed under Foremost’s profile on SEDAR+ profile at www.sedarplus.ca. About Foremost Foremost Clean Energy Ltd. (NASDAQ: FMST) (CSE: FAT) (WKN: A3DCC8) is an emerging North American uranium and lithium exploration company. The Company holds an option to earn up to a 70% interest in 10 prospective uranium properties (with the exception of the Hatchet Lake, where Foremost is able to earn up to 51%), spanning over 330,000 acres in the prolific, uranium-rich Athabasca Basin region of northern Saskatchewan. As the demand for carbon-free energy continues to accelerate, domestically mined uranium and lithium are poised for dynamic growth, playing an important role in the future of clean energy. Foremost’s uranium projects are at different stages of exploration, from grassroots to those with significant historical exploration and drill-ready targets. The Company’s mission is to make significant discoveries alongside and in collaboration with Denison Mines Corp. (TSX: DML, NYSE American: DNN), through systematic and disciplined exploration programs. Foremost also has a portfolio of lithium projects at varying stages of development, which are located across 55,000+ acres in Manitoba and Quebec. For further information, please visit the Company’s website at www.foremostcleanenergy.com. Contact and Information CompanyJason Barnard, President and CEO+1 (604) 330-8067 info@foremostcleanenergy.com Investor RelationsLucas A. ZimmermanManaging DirectorMZ Group - MZ North America(949) 259-4987FMST@mzgroup.uswww.mzgroup.us Follow us or contact us on social media:X: @fmstcleanenergyLinkedIn: https://www.linkedin.com/company/foremostcleanenergy  Facebook: https://www.facebook.com/ForemostCleanEnergy Forward-Looking Statements Except for the statements of historical fact contained herein, the information presented in this news release and oral statements made from time to time by representatives of the Company are or may constitute “forward-looking statements” as such term is used in applicable United States and Canadian laws and including, without limitation, within the meaning of the Private Securities Litigation Reform Act of 1995, for which the Company claims the protection of the safe harbor for forward looking statements. Such forward-looking statements and forward-looking information include, but are not limited to, the satisfaction or waiver of the conditions to the Arrangement, the proposed benefits of the Arrangement, and the business objectives of Foremost. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect,” “is expected,” “anticipates” or “does not anticipate,” “plans,” “estimates” or “intends,” or stating that certain actions, events or results “may,” “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, continuity of agreements with third parties, the satisfaction of the conditions to the Arrangement, risks and uncertainties associated with the environment and delays in obtaining governmental approvals, permits or financing. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact the Company and the statements contained in this news release can be found in the Company’s filings on SEDAR+ and Edgar. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities. Please refer to the Company’s most recent filings under its profile at on SEDAR+ at www.sedarplus.ca and on Edgar at www.sec.gov for further information respecting the risks affecting the Company and its business. The CSE has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.

Related News