Foremost Clean Energy Provides Positive Update on Spin-Out of Rio Grande Resources
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Foremost Clean Energy Provides Positive Update on Spin -Out of
Rio Grande Resources
VANCOUVER, British Columbia, January 28, 2025 -- 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 the effective date of the previously announced
spin out (the “Spin -Out”) of its gold and silver properties into a new stand -alone public company
named Rio Grande Resources Ltd. (“Rio Grande ”), is anticipated to occur at 12:01a.m. (Vancouver
time) on January 3 0, 2025 (the “Surrender Date”). Pursuant to the A rrangement, shareholders of
Foremost as of January 29, 2025 (the “Record Distribution Date” ), will receive one (1) new common
share of Foremost (each a “New Foremost Share ”) and two (2) common shares of Rio Grande (the
“Rio Grande Shares ”) for each common share of Foremost (“Foremost Share ”) held.
The Company has applied to the Canadian Securities Exchange (“ CSE”) for approval of the
reclassification of the Foremost Shares as the New Foremost Shares and expects receipt of the CSE
bulletin approving the reclassification as of the date hereof . Upon completion of the Arrangement,
the New Foremost Shares will continue trading under the same symbols, “FMST” on the Nasdaq, and
“FAT” on the CSE, under the new CUSIP number 34547F105.
The Company has also received conditional approval to list the Rio Shares on the CSE under the
symbol “RGR” under the CUSIP number 76711R100. Final listing approval will be subject to Rio
Grande satisfying all of the listing conditions of the CSE. If the listing is approved, Rio Grande will
announce by way of press release the date on which trading of the Rio Grande Shares will commence
on the CSE.
Foremost’s President and CEO, Jason Barnard, comments, “ We.are.thrilled.about.this.significant.
development.for.our.investors¡.The.spin‗out.allows.us.to.sharpen.our.focus.on.the.uranium.portfolio.
in.the.Athabasca.Basin? .as.well.as.our.lithium.assets.in.Manitoba.while.enabling.the.independent.
advancement.of.prospective.gold.and.silver.assets.through.Rio.Grande¡.We.believe.this.strategic.
move.will.enhance.shareholder.value.by.creating.a.distinct.pathway.for.growth.in.both.companies¡‹.
To receive the New Foremost Shares and the Rio Grande Shares (collectively, the “Consideration
Shares ”), registered shareholders of Foremost as of the Surrender Date are required to deposit their
original share certificate(s) and/or DRS statement(s), representing their Foremost Shares together
with a properly completed letter of transmittal (the “ Letter of Transmittal ”) to Odyssey Trust
Company (“ Odyssey ”). Once received, Odyssey will provide the Consideration Shares to the
registered shareholder in accordance with the terms of the Letter of Transmittal. A copy of the Letter
of Transmittal is available under Foremost's profile on SEDAR+ at www.sedarplus.ca or can obtained
by contacting Odyssey.
To receive the Consideration Shares, beneficial shareholders of Foremost as of the Surrender Date
whose Foremost Shares are registered in the name of an intermediary (i.e., a bank, trust, company,
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securities broker, trustee, or other) should contact that intermediary for instructions or questions
about receipt of their Consideration Shares.
Information To Warrant Holders
Each warrant to purchase Foremost Shares as of the Surrender Date will, in accordance with its
terms and completion of the Spin-Out, thereafter entitle the holder thereof to one (1) New Foremost
Share and two (2) Rio Grande Shares upon exercise.
No new certificates are required to be sent to the warrant holders and no action is required by warrant
holders to receive their new entitlement, other than complying with the terms of exercise of their
existing warrants.
The information set out herein with respect to the Spin- Out is qualified in its entirety by the
Company’s management information circular dated November 12, 2024 (the “Circular ”), which is
available on the Company’s website at https://foremostcleanenergy.com/investors/shareholder -
meeting.html, and on the Company’s SEDAR+ profile at www.sedarplus.ca. Shareholders are
encouraged to refer to the Circular for additional information with respect to the Spin-Out.
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
Company
Jason Barnard, President and CEO
+1 (604) 330-8067
Investor Relations
Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
www.mzgroup.us
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Follow us or contact us on social media:
X: @fmstcleanenergy
LinkedIn: 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.7❺ ❺ ❶ ? .for.which.the.Company.claims.the.protection.of.the.safe.harbor.for.
forward. looking. statements¡. Such. forward‗looking. statements. and. forward‗looking. information.
i n c l u d e? .b u t .a re .n o t .l i m i te d .to? .completion. of. the. Spin‗O u t ?. t h e .Surrender.D a te .a n d .t h e .E ffe c t i v e .D a te?.
approval.of. the.reclassification. of.the. Foremost.Shares.to.New.Foremost.Shares?.the.listing.of.the.Rio.
Grande.Shares.on.the.CSE.and.the.proposed.benefits.of.the.Spin‗Out¡.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?‹ . » c o u l d ?‹ . » w o u l d ?‹ .
» 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.re ferred.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.
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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¡