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Foremost Lithium Resource & Technology Ltd. (NASDAQ: FMST) announced its Board of Directors approved the spin-out of its Winston Group of Gold and Silver Properties into a new publicly-traded company, Rio Grande Resources Ltd. Shareholders will receive two Rio Grande shares for each Foremost share and retain their proportionate interest in Foremost Lithium.
Rio Grande Resources will be listed on the Canadian Securities Exchange (CSE) following the court-approved plan of arrangement. Foremost plans to complete financings for Rio Grande yielding at least $1.5 million. Jason Barnard, President & CEO of Foremost Lithium, stated, “This spin-out allows the market to value our Winston Gold and Silver properties independently, maximizing long-term value for our shareholders.”
The Arrangement, subject to regulatory approvals, will be voted on at the special shareholder meeting on November 6, 2024, with a record date of September 9, 2024. Approval requires 66 2/3% of the votes cast. Full details will be provided in the Information Circular sent to shareholders and available on SEDAR+.
About The Winston Property
The Winston Property includes three historic high-grade gold-silver mines across 147 unpatented lode mining claims and two patented claims, totaling 149 claims over 3,000 acres in New Mexico, USA. The property-wide sampling in 2021 revealed high-grade gold and silver values.
Qualified Person
Michael Feinstein, PhD, CPG, a Qualified Person per Canadian National Instrument 43-101, reviewed and approved the technical information in this release.
About Foremost Lithium
Foremost Lithium (NASDAQ: FMST) is focused on empowering the North American clean energy economy. It has lithium properties in Snow Lake, Manitoba, and Lac Simard South, Quebec. As the world moves towards decarbonization, Foremost Lithium aims to extract lithium oxide and produce high-quality lithium hydroxide to power lithium-based batteries vital for a clean-energy economy. They also manage the Winston Gold/Silver Property in New Mexico.
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