Snow Lake Lithium Receives Shareholder Meeting Requisition

Rhea-AI Summary

Snow Lake Resources Ltd. (NASDAQ:LITM) announced receiving a shareholder meeting requisition from the Kimelman Group, representing approximately 5.4% of outstanding shares. The requisition seeks to remove all current directors, set the board size at six, and elect new directors nominated by the Kimelman Group. The Board confirmed a special meeting alongside the annual shareholder meeting, scheduled for around December 15, 2022, to address these matters. Shareholders will be notified in advance, with no immediate action required.

Positive

• Shareholder engagement indicated by the requisition, showing active investor interest.

Negative

• Potential instability due to a push for complete board removal, raising governance concerns.
• Uncertainty surrounding leadership and strategic direction if new directors are elected.

WINNIPEG, MB / ACCESSWIRE / June 29, 2022 / Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (NASDAQ:LITM) ("Snow Lake" or the "Company"), today announced that it has been provided with a shareholder meeting requisition notice (the "Requisition") dated June 8, 2022 from a number of registered shareholders holding, collectively as a group, approximately 5.4%of the issued and outstanding shares in the Company (the "Kimelman Group"). The group includes individuals and entities associated with Avrohom Mordechai (Avi) Kimelman, of St Kilda East, Victoria, Australia, a former director of the Company and former CEO and Director of Quantum Resources, which later changed its name to Nova Minerals Limited (NVA on the ASX). The Requisition requests that the directors of the Company call a meeting of the shareholders of the Company for the purpose of (a) removing all of the directors of the Company; (b) fixing the number of directors at six for the ensuing year; and (c) electing six nominee directors of the Kimelman Group.

The Company has reviewed the Requisition with its professional advisors and announces today that its Board of Directors has called a special meeting of shareholders to be held in conjunction with its annual meeting of shareholders on or about the 15^th day of December, 2022 to consider the matters, among other business, raised by the Requisition. Shareholders will receive formal notice of the meeting and an information circular in sufficient time to consider all matters. In the meantime, there is currently no need for shareholders to take any action.

	www.SnowLakeLithium.com
Legal Address		Mailing Address
242 Hargrave St #1700,		Snow Lake Resources ltd
Winnipeg, MB R3C 0V1		PO Box 126 Simcoe Ont N3Y
Canada		4K8

For more information, please contact:

media@snowlakelithium.com
ir@snowlakelithium.com
www.SnowLakeLithium.com
Twitter: @SnowLakeLithium
LinkedIn: https://www.linkedin.com/company/snow-lake-resources

SOURCE: Snow Lake Resources Ltd.

View source version on accesswire.com:
https://www.accesswire.com/707111/Snow-Lake-Lithium-Receives-Shareholder-Meeting-Requisition

FAQ

What is the shareholder requisition from the Kimelman Group about Snow Lake Resources (LITM)?

The requisition seeks to remove all current directors and elect six new directors proposed by the Kimelman Group, which holds about 5.4% of shares.

When will the special meeting regarding the shareholder requisition for LITM take place?

The special meeting is scheduled to occur on or about December 15, 2022.

What percentage of shares does the Kimelman Group hold in Snow Lake Resources (LITM)?

The Kimelman Group holds approximately 5.4% of the issued and outstanding shares.

What will be discussed at the special meeting for Snow Lake Resources (LITM)?

The special meeting will address the requisition to remove directors and elect new nominees.