Lithium Ionic board members resign amid securities proceeding

Lithium Ionic Corp. (TSXV: LTH) announced the immediate resignation of three directors and its corporate secretary following an Ontario Securities Commission proceeding initiated April 9.

David Gower, Lawrence Guy and Hélio Diniz resigned as directors, while Damian Lopez stepped down as corporate secretary. The company stated each individual chose to resign in the company's best interests in response to the OSC proceeding.

Lithium Ionic clarified it is not a respondent to the OSC proceeding and no orders have been sought against the company. The Toronto-based lithium exploration company also trades on OTCQX under ticker LTHCF and on the Frankfurt Stock Exchange as H3N.

Under separation arrangements, Lithium Ionic agreed to pay Gower, Guy and Lopez their base monthly fees for 12 months through amended agreements. The three former directors agreed not to dispose of their Lithium Ionic shares for one year, subject to customary exceptions. Diniz will continue as Managing Director for Brazil operations under an independent contractor agreement.

The company said it remains focused on advancing its Bandeira Project in Brazil and progressing toward lithium production in the region. Lithium Ionic indicated its board will engage with Waratah Capital Advisors regarding that firm's request to call a special shareholder meeting.

The information was disclosed in a company statement. Blake Hylands continues as chief executive officer and director of Lithium Ionic.

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