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Lithium Ionic Corp. (TSXV: LTH,OTC:LTHCF) (OTCQX: LTHCF) (FSE: H3N) ("Lithium Ionic" or the "Company") advises that it has received a requisition letter from Waratah Capital Advisors Ltd. ("Waratah") requesting that the Company's Board of Directors (the "Board") call a special meeting of the shareholders of the Company to remove and replace David Gower, Lawrence Guy and Hélio Diniz (collectively, the "Named Directors") as directors of the Company.
The Company, including the Board and the Special Committee (as defined below), are reviewing the requisition and will respond to the requests made by Waratah. The Special Committee has advised the Named Directors that their resignations as directors would be in the best interest of the Company. The Company expects to provide a further update when available. Shareholders are not required to take any action at this time.
Waratah's letter and request relates to a previously announced enforcement application dated April 9, 2026, initiated by the Ontario Securities Commission (the "OSC") against certain directors of the Company and another reporting issuer. Lithium Ionic is not a respondent in this matter and no orders have been sought against Lithium Ionic. The allegations contained in the proceeding have not been proven. The Board has established a special committee (the "Special Committee") comprised of independent directors to oversee the Company's communications and disclosure in respect of this matter.
About Lithium Ionic Corp.
Lithium Ionic is a Canadian lithium development company focused on responsibly advancing its 100%-owned Bandeira Lithium Project in Minas Gerais, Brazil, a region coined the "Lithium Valley" that is emerging as a world-class hard-rock lithium district. The Company is executing on a focused development strategy centered on engineering de-risking, permitting advancement, commercial planning, and construction readiness, with the goal of becoming a near-term producer of high-quality spodumene concentrate for global battery supply chains.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained in this press release, includes, but is not limited to, the calling of a shareholders' meeting as requested by Waratah, the taking of any steps by the Company in response to Waratah's concerns, the outcome of recent regulatory proceedings against another reporting issuer and certain individuals, the Company's ability to finance and develop the Bandeira project, the prospectivity and development of the Company's mineral properties, the ability of the Company to become a near-term lithium producer and the Company's future plans.
The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While we consider these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation: risks relating to the market price of the Common Shares, regulatory risks, and risk's relating to the Company's ability to execute its business strategy and the benefits realizable therefrom. Additional risk factors can also be found in the Company's current MD&A and annual information form, both of which have been filed under the Company's SEDAR+ profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way approved or disapproved of the contents of this press release.
SOURCE Lithium Ionic Corp.
View original content: http://www.newswire.ca/en/releases/archive/April2026/14/c0853.html
