Foremost Lithium gets court approval of spin-out of Rio Grande Resources

The company states: “Foremost Clean Energy 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 under which the Company will spin-out its gold and silver properties located in Sierra County, New Mexico, United States to shareholders through Rio Grande Resources Ltd., a wholly-owned subsidiary of the Company. The Arrangement was previously approved by 99.86% of votes cast by Foremost 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, 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, will receive one new common share of Foremost and two (2) common shares of Rio Grande for each common share of Foremost held immediately prior to the Effective Date.”