Lithium Ionic to respond to largest shareholder about new directors by May 20
TSX-V-listed Lithium Ionic Corporation has agreed with Waratah Capital Advisors to extend to May 20 the date by which the company must respond to a requisition received from Waratah on April 13.
Waratah requested in the requisition that the Lithium Ionic board call a special meeting of shareholders to remove Hélio Diniz, David Gower and Lawrence Guy as directors of the company, and to consider and to vote on the election of directors to fill the vacancies created.
As announced by Lithium Ionic on April 20, Diniz, Gower and Guy resigned as directors of the company.
The board of directors intends to engage with Waratah and with other shareholders in connection with filling open positions on the board. The board of directors is committed to good governance and constructive engagement with its shareholders and will provide further updates as appropriate.
Waratah holds about 9% of Lithium Ionic’s issued share capital and is currently the largest shareholder in the group, holding 17.5-million shares.
Lithium Ionic is advancing the Bandeira lithium project, in Brazil.
Lithium Ionic on May 5 advised that the Ontario Securities Commission, which implicated Diniz, Gower and Guy in a matter of alleged misconduct in the lithium market, accepted the company’s application for a temporary management cease trade order.
The company filed the application owing to an anticipated delay in filing its audited yearly financial statements and management’s discussion and analysis for the 2025 financial year. The management cease trade order prohibits the CEO and CFO of Lithium Ionic from trading in securities of the company for as long as the required filings are not filed and the cease trade order remains in effect.
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