Lithium Ionic shareholder withdraws requisition for special meeting, approves board nominees
TSX-V-listed Lithium Ionic Corporation's largest shareholder, Waratah Capital Advisors, with a 9% stake, has withdrawn its requisition for a special meeting of shareholders to be held and says it will vote in favour of the election of all six management nominees that are proposed for election as directors of the company.
This comes ahead of Lithium Ionic hosting its AGM on August 18.
Waratah in April requested that the Lithium Ionic board call a special meeting of shareholders to remove certain directors from the board following enforcement proceedings by the Ontario Securities Commission involving specific board members tied to a separate entity. However, after months of "constructive dialogue", Waratah decided to withdraw its requisition and fully support management's slate of six nominees and recommended business items.
Lithium Ionic on May 5 advised that the Ontario Securities Commission, which implicated Hélio Diniz, David Gower and Lawrence Guy in a matter of alleged misconduct in the lithium market, accepted the company’s application for a temporary management cease trade order.
Commenting on Waratah's requisition withdrawal and board nominee support, Lithium Ionic CEO Blake Hylands says he is pleased to have reached a constructive outcome with Waratah and thanks shareholders for their support over the past several months.
"This resolution allows the board and management team to move forward with a clear mandate and a focus on execution. We remain squarely focused on advancing the Bandeira lithium project and on becoming a near-term, low-cost producer of high-quality spodumene concentrate for global battery supply chains.”
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