Foremost Clean Energy Ltd. finalizes the spin-out of its Winston Property to Rio Grande Resources Ltd., marking a significant milestone for both companies. Foremost will focus on its uranium exploration program in the Athabasca Basin, while Rio Grande leverages the Winston Property's past-producing gold and silver mines and promising geological environment.
Foremost Clean Energy Ltd. has finalized the spin-out of its Winston Property to Rio Grande Resources Ltd., marking a significant milestone for both companies. Jason Barnard, President and CEO of Foremost, expressed pride in this achievement, stating that it allows Rio Grande to focus its resources on assets with significant potential.
The Winston Property, situated in a promising geological environment, boasts past-producing gold and silver mines, benefiting from the recent surge in gold prices nearing US$2,800 per ounce. This presents a tremendous opportunity for Rio Grande to unlock long-overlooked value and generate exciting upside potential for shareholders. \Foremost, meanwhile, is eager to dedicate its full attention to its upcoming uranium exploration program in the Athabasca Basin, a project it believes will play a pivotal role in advancing a cleaner energy future. Registered shareholders are encouraged to consult Foremost's news release dated January 28, 2025, for details on receiving their New Foremost Shares and Rio Grande Shares. Additional information, including a summary of the Arrangement, is available on Rio Grande's website and SEDAR+ profile.\Subject to Rio Grande fulfilling all necessary conditions with the CSE, listing of Rio Grande Shares under the symbol 'RGR' is expected to commence around market open on February 4, 2025. As part of the Arrangement, Foremost transferred to Rio Grande the right to collect receivables from Sierra Gold & Silver Ltd., and assigned all of its issued and outstanding common shares of Sierra, in exchange for Rio Grande issuing Foremost 5,152,557 Rio Grande Shares. This resulted in Foremost holding a 19.95% security interest in Rio Grande's issued and outstanding shares. Foremost acquired these shares for no additional consideration and intends to hold them for investment purposes. The company will continuously review various factors related to its investment in Rio Grande and may adjust its holdings accordingly.\Denison Mines Corp., another significant stakeholder, acquired 3,954,820 Rio Grande Shares on the Effective Date, raising its security holding percentage from 0.0% to 15.31%. Like Foremost, Denison intends to hold these shares for investment purposes and will closely monitor factors influencing its investment in Rio Grande, potentially adjusting its holdings as circumstances evolve. For detailed information and copies of early warning reports filed by Foremost and Denison, please refer to Rio Grande's SEDAR+ profile. Media inquiries can be directed to Foremost at their Vancouver office or to Denison at their Toronto office
Mining Foremost Clean Energy Rio Grande Resources Spin-Out Winston Property Uranium Exploration Athabasca Basin Gold Silver Denison Mines
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