- As of proxy cut off yesterday, quorum for the December 15, 2022, meetings has been achieved
- Shareholders have spoken: providing the Concerned Shareholders enough proxies that it is now mathematically impossible for management to win
- Without full visibility of into proxies collected by management, the current vote is over 97% in favour of the Concerned Shareholders' Nominees. Even if management successfully collected all remaining shareholder votes the Concerned Shareholders would have over 80% of votes in favour of replacing the incumbent board with the Concerned Shareholders' Nominees
- The Concerned Shareholders understand that management's last desperate act is urging shareholders to revoke their proxies and not vote, contrary to their circular and in breach of solicitation laws
- This typically wasteful, useless effort serves only to underline the reasons shareholders have overwhelmingly voted to remove management: they are happy to burn more of Snow Lake's money knowing it cannot bring them victory
- The Concerned Shareholders call on all Shareholders to ignore desperate pleas from management and continue to vote the BLUE PROXY
Toronto, Ontario--(Newsfile Corp. - December 14, 2022) - The group of concerned shareholders (the "Concerned Shareholders") of Snow Lake Resources Ltd. (NASDAQ: LITM) (the "Company" or "Snow Lake"), announce that they have now submitted to First Coast Results Inc. (the "Inspector of Election") their proxies collected to date, surpassing the quorum requirement for the Company's upcoming annual general and special meetings to be held on December 15, 2022 (the "Meetings") even without counting attendance at the actual Meetings.
Management have seen these same reports and are aware that quorum has been achieved, with overwhelming support in favour of the six highly qualified and experienced candidates nominated by the Concerned Shareholders (the "Concerned Shareholders' Nominees").
In breach of their obligation to act in Snow Lake's best interests, management refuses to concede. Instead, they are trying to delay the inventible by attempting to suppress shareholder votes to cause turnout to fall below quorum requirements. These desperate attempts by management do not provide them with a path to victory, merely burn more Snow Lake's money. Worse, it keeps the Company from starting the process of rebuilding.
Even if management's improper, self-interested gambit succeeded, it would result only in a short adjournment of the Meetings, without any changes to the record date, to allow additional shareholders to vote until quorum is once again achieved. As such the Concerned Shareholders urge shareholders to ignores appeals from management to revoke their proxies or not to vote, so that the delay and cost can be avoided and the rebuilding of the Company can commence.
Shareholders need to vote their BLUE PROXY to show that these actions are not acceptable.
Further details regarding the Concerned Shareholders' Nominees and the reasons that the Concerned Shareholders want to reconstitute Snow Lake's board are contained in the information circular available here, on the Company's SEDAR profile at www.sedar.com and on EDGAR at www.sec.gov.
Sources: The Concerned Shareholders of Snow Lake
For additional information, please contact:
Shorecrest Group Ltd.
North American Toll Free Phone: 1-888-637-5789
Local (Collect outside North America): 647-931-7454
Email: contact@shorecrestgroup.com
If you experience any problems or require assistance voting your BLUE form of proxy or voting instruction form, contact the concerned shareholders' proxy solicitor, Shorecrest Group Ltd., at 1-888-637-5789 (North America toll-free), or at 647-931-7454 (outside of North America collect), or by email at contact@shorecrestgroup.com.
Forward-Looking Information
Certain statement contained herein are "forward-looking statements." Often, but not always, forward-looking statement can be identified by the use of words such as "plans", "expects", "expected", "scheduled", "estimates", "intends", "anticipates" or "believes", or variations of such words and phrases, or states that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements contained in this press release include statements regarding the Meetings, the business to be conducted at the Meetings. The Concerned Shareholders cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/148029
