Foremost Lithium Resource & Technology Ltd Stock Price, News & Analysis

Foremost Clean Energy (NASDAQ: FMST) has completed the spin-out of its Winston gold and silver properties to Rio Grande Resources Through this arrangement, Foremost shareholders received one new Foremost share and two Rio Grande shares for each share held prior to the transaction.

Rio Grande is expected to list on the Canadian Securities Exchange under the symbol 'RGR' around February 4, 2025. Following the spin-out, Foremost holds a 19.95% stake in Rio Grande (5,152,557 shares), while Denison Mines acquired a 15.31% stake (3,954,820 shares).

The strategic move allows Foremost to focus on its uranium exploration program in the Athabasca Basin, while Rio Grande will develop the Winston Property's past-producing gold and silver mines, particularly attractive with gold prices recently approaching US$2,800 per ounce.

Foremost Clean Energy (NASDAQ: FMST) has clarified details regarding its previously announced spin-out of gold and silver properties into Rio Grande Resources. The company addressed confusion stemming from a CSE bulletin that incorrectly stated January 30, 2025, as the effective date for the arrangement. The correct effective date is January 31, 2025.

Due to the erroneous information about delisting Foremost shares on January 29, trading was halted. Under the arrangement, shareholders will receive one new Foremost share and two Rio Grande shares for each Foremost share held as of the Surrender Date. Trading of the New Foremost Shares will commence on the effective date.

Foremost Clean Energy (NASDAQ: FMST) has updated the effective date of its previously announced spin-out of gold and silver properties into a new company, Rio Grande Resources. The spin-out will now occur on January 31, 2025 at 12:01 a.m. Vancouver time, one day later than initially announced.

Under the arrangement, Foremost shareholders as of January 30, 2025, will receive one new common share of Foremost and two common shares of Rio Grande for each Foremost share held. While most shareholders don't need to take action, those holding physical share certificates or DRS statements should follow specific instructions provided in the January 28 release to receive their shares.

Foremost Clean Energy (NASDAQ: FMST) has announced the effective date for its previously announced spin-out of gold and silver properties into a new company, Rio Grande Resources. The spin-out will occur on January 30, 2025, with shareholders of record as of January 29, 2025, receiving one new Foremost share and two Rio Grande shares for each existing Foremost share held.

The new Foremost shares will continue trading under 'FMST' on Nasdaq and 'FAT' on CSE. Rio Grande has received conditional approval to list on the CSE under the symbol 'RGR'. This strategic move aims to allow Foremost to focus on its uranium portfolio in the Athabasca Basin and lithium assets in Manitoba, while enabling independent advancement of gold and silver assets through Rio Grande.

Foremost Clean Energy (NASDAQ: FMST) has received final approval from the Supreme Court of British Columbia for its planned spin-out of gold and silver properties through Rio Grande Resources The arrangement, which was previously approved by 99.86% of shareholders on December 20, 2024, involves the spin-out of the Winston Property located in Sierra County, New Mexico.

Upon completion expected in January 2025, shareholders will receive one new common share of Foremost and two common shares of Rio Grande for each Foremost share held prior to the effective date. The arrangement remains subject to final approval from the Canadian Securities Exchange.

Foremost Clean Energy (NASDAQ: FMST) announced shareholders have approved the spin-out of its Winston Gold and Silver Property through Rio Grande Resources. The arrangement, approved by 99.86% of shareholders, will distribute two Rio Grande shares for every one Foremost share held. The completion is subject to Supreme Court of British Columbia and CSE approvals, expected around January 10, 2025.

Shareholders also approved setting the board size at six directors and elected new members including Amanda Willett, VP Legal at Denison Mines. Following the arrangement, shareholders will hold shares in both Foremost, focusing on uranium and lithium exploration, and Rio Grande, dedicated to the Winston Property development. Foremost will continue trading on CSE (FAT) and NASDAQ (FMST), while Rio Grande will seek CSE listing.

Foremost Clean Energy (NASDAQ: FMST) has issued a shareholder letter highlighting key developments in 2024, including an option agreement with Denison Mines for 10 uranium properties in the Athabasca Basin. The company secured C$13.5 million through equity financing, with insiders investing C$2.4 million in share purchases. The company plans to commit $6.5 million for exploration in 2025.

Key developments include the planned spin-out of the Winston Gold/Silver Project into Rio Grande Resources, where shareholders will receive two RGR shares for each Foremost share. The company has strengthened its management team with David Cates joining the board and plans to enhance market awareness through a new marketing agreement with Capital Property

Foremost Clean Energy (NASDAQ: FMST) has distributed management information circulars for its upcoming Annual General and Special Meeting on December 20, 2024. Due to ongoing postal strikes, the company is using courier services and encouraging online voting. The meeting will consider a special resolution for a strategic spin-out of the Winston Group of Gold and Silver Properties to Rio Grande Resources, a wholly-owned subsidiary. Under the arrangement, shareholders will receive one new Foremost share and two Rio Grande shares for each current Foremost share. Foremost will retain approximately 19.95% interest in Rio Grande. The completion depends on Rio Grande shares being listed on the CSE.

Foremost Clean Energy (NASDAQ: FMST) has issued corrections regarding its Red Cloud Financial Services engagement, which commenced on November 14, 2024, not October 14 as previously stated. The company detailed its upcoming spin-out of the Winston Gold and Silver Properties to Rio Grande Through a plan of arrangement, shareholders will receive one new Foremost share and two Rio Grande shares for each Foremost share held. The arrangement is expected to complete in January 2025, subject to required approvals. Additionally, the company has filed an updated Technical Report for the Winston Properties in New Mexico.