2022-12-19 04:04:33
- As expected, management refuses to concede – they refused to fulfil their statutory obligations to attend the Meetings, causing a lack of quorum
- Shareholders at the Meetings adjourned the Meetings to 11:00 a.m. (Central Time) on December 23, 2022 at the location set our below.
- The Concerned Shareholders demand management cease their self-interested shenanigans and stop ignoring the fundamental rights of shareholders
Toronto, Ontario–(Newsfile Corp. – December 19, 2022) – The group of concerned shareholders (the “Concerned Shareholders“) of Snow Lake Resources Ltd. (Nasdaq: LITM) (the “Company” or “Snow Lake“), announce that shareholders entitled to vote at the annual general and special meetings of Snow Lake (the “Meetings“) were present at 9:00 a.m. (Central Time) for the Meetings called by the Company for December 15, 2022, but unfortunately no representatives of the Company or management attended, in breach of their statutory obligations, prevent quorum being attained.
Pursuant to section 133(3) of The Corporations Act (Manitoba), the shareholders present at the opening of a Meetings adjourned the Meetings to 11:00 a.m. (Central Time) on December 23, 2022 at the office of MLT Aikins LLP, 30th Floor, 360 Main Street, Winnipeg, Manitoba R3C 4G1 (the “Adjourned Meetings“). No other business was transacted and the Meetings will be reconveyed at the Adjourned Meetings to address the items identified in the circular sent to shareholders. Cut-off for proxy voting will be 11:00 am (Central Time) on December 21, 2022.
This is yet another example of the Company’s blatant disregard for its statutory and fiduciary responsibilities and the Concerned Shareholders will not tolerate it
Based on the information available to the Concerned Shareholders, had management fulfilled their statutory obligation to attend the Meetings, we predicate the results to have been as follows:
(bolded candidates reflect who would have been elected)
| Nominee | Votes For (range): | Votes Withheld (range): | ||
| Known %(1) | Maximum %(2) | Known %(1) | Maximum %(2) | |
| Dale Schultz | 97.57 | 97.91 | 2.54 | 2.09 |
| Nachum Labkowski | 93.72 | 80.92 | 1.11 | 0.96 |
| Brian Imrie | 93.72 | 80.92 | 1.11 | 0.96 |
| Peretz Schapiro | 93.72 | 80.92 | 1.11 | 0.96 |
| Shlomo Kievman | 93.72 | 80.92 | 1.11 | 0.96 |
| Kathleen Skerrett | 93.72 | 80.92 | 1.11 | 0.96 |
| David Wasyng | 3.10 | 16.34 | 2.18 | 1.88 |
| Hadassah Slater | 3.10 | 16.34 | 2.18 | 1.88 |
| Tim Cattani | 3.00 | 16.25 | 2.28 | 1.97 |
| Philip Gross | 3.00 | 16.25 | 2.28 | 1.97 |
| Allan David Engel | 2.99 | 16.24 | 2.29 | 1.98 |
Notes:
(1) Based on the proxies collected by the Concerned Shareholders as of the start of the Meetings, includes known votes on management’s proxy from beneficial shareholders submitted through Broadridge. The Concerned Shareholders have no knowledge of any proxies collected by management from registered shareholders, and assumes none exist, based on the active and improper efforts by management to supress voting by urging shareholders to revoke their proxies and not vote, contrary to their circular.
(2) Based on the known figures in the preceding column, but includes management’s own shareholdings and all possible remaining registered shareholders that had not voted on the Concerned Shareholders’ proxy, which possibly would vote in support of management’s proxy.
This is just another example of Snow Lake board of directors’ complete disregard for shareholder concerns. It’s time for a new independent board that can address governance concerns, control Company funds, and protect shareholder interests. The Concerned Shareholders fully intend to take all steps necessary to protect the interests of all shareholders from any further abuse by the current board and management and will take any action to hold them accountable for the Company’s destruction.
The Future of Snow Lake and your investment is at stake. Shareholders are urged to vote using their BLUE PROXY, to show that these actions are not acceptable. Shareholders can vote online using the control number on the BLUE proxy or voting instruction form previously mailed.
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: This email address is being protected from spambots. You need JavaScript enabled to view it.
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 This email address is being protected from spambots. You need JavaScript enabled to view it..
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.