Snow Lake Lithium Response to Affected Shareholders Notice
WINNIPEG, MB /ACCESSWIRE/July 20, 2022/ Snow Lake Resources Ltd., d/b/a Snow Lake Lithium (Nasdaq:LITM) (“Snow Lake” or the “Company”), today responded to the July 19, 2022 announcement by a group of shareholders of the Company (the “Affected Shareholders”) purporting to give notice calling a special meeting of shareholders for August 10, 2022. No meeting of shareholders will be held on that date and any material received by shareholders in connection with a such alleged assembly should be ignored.
The Notice of Meeting of Affected Shareholders is invalid under The Corporations Act (Manitoba) as an annual general meeting and a special meeting of shareholders of the Corporation have already been called by the Board for December 15, 2022 and a record date of October 27, 2022 has been fixed by the Board for such scheduled meeting.
As previously announced on June 29, 2022, the Company received a notice of shareholder requisition (“Requisition”) from the Affected Shareholders requesting that the Board of Directors convene a meeting of shareholders for the purpose of (a) removing all directors of the company; (b) fix the number of directors at six for the following year; and (c) elect six directors nominated by the shareholders concerned. The board has reviewed the request with its professional advisers and has carefully considered the appropriate time for a meeting of shareholders in light of the request and has concluded that a meeting in accordance with the normal cycle is in the best interests of shareholders and the company , as it allows shareholders time to consider the issues associated with a contested election of the Board of Directors without disrupting important Company initiatives underway. In addition, shareholders will have the benefit of having received the audited annual financial statements for the year ended June 30, 2022 to make their assessment. Accordingly, the Board decided to proceed with the scheduled meeting date of December 15, 2022.
Snow Lake today filed with the court a request for a declaration that the notice of meeting of the affected shareholders is null and void.
242 Hargrave Street #1700
Winnipeg, MB R3C 0V1
Snow Lake Resources Ltd.
PO Box 126 Simcoe, Ontario N3Y4K8
THE SOURCE: Snow Lake Resources Ltd.
See the source version on accesswire.com:
Released July 20, 2022
Snow Lake Resources Ltd. published this content on July 20, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on July 21, 2022 00:13:00 UTC.