01:26 PM EST, 12/23/2024 (MT Newswires) -- Foremost Clean Energy ( FMST ) on Monday said shareholders approved the previously announced 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 the company's unit, Rio Grande Resources.

The company said pursuant to the terms, each shareholder as of immediately prior to the closing date of the arrangement, expected to occur in January 2025, will receive two common shares of Rio Grande for each common share of Foremost.

Subject to required approvals, Foremost shares will continue trading on the CSE under the symbol "FAT" and on the NASDAQ Capital Market under the symbol "FMST", the company added. Additionally, Rio Grande shares will start trading on the CSE, subject to approval.

Shares of the company were last seen up $0.01 or 0.5%, at $2.20, on the Canadian Securities Exchange.

Price: 2.20, Change: +0.01, Percent Change: +0.46