Foremost to spin out past-producing New Mexico mines
The Winston Group of Properties, located in New Mexico, is set for a listing of its own, with Nasdaq- and CSE-listed Foremost Lithium announcing its intention to spin out the gold and silver assets into a new subsidiary.
The new unit, to be named Rio Grande Resources (RGR), will own the Winston Group of Properties, which contains three historic past producing gold and silver mines: Ivanhoe, Emporia and Little Granite in Sierra county.
“The Winston Group of Properties has yet to realise its full value and this plan of arrangement will offer the time and attention the property deserves,” said Foremost president and CEO Jason Barnard.
He stated that the past-producing mines were in a favourable geological environment. “With gold recently hitting $2 400/oz, we also find ourselves in a favourable precious metals market. The spin-out will provide tremendous upside for our shareholders as they gain a stake in two different meaningful projects,” said Barnard.
It is expected that for each common share of Foremost, the shareholder will receive a common share of RGR at a ratio still to be determined.
Foremost will remain listed on the CSE and Nasdaq. In order to capitalise RGR immediately following the completion of the arrangement, RGR will undertake a financing of its shares concurrently with the spin-out.
The spin-out is subject to shareholder, court, stock exchange and regulatory approvals.
Foremost’s lithium properties are in Snow Lake, Manitoba.
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