TORONTO, April 20, 2026 (GLOBE NEWSWIRE) -- Lithium Ionic Corp. (TSXV: LTH; OTCQX: LTHCF; FSE: H3N) (“Lithium Ionic” or the “Company”) today announces that David Gower, Lawrence Guy and Hélio Diniz have resigned as directors of the Company, and that Damian Lopez has resigned as Corporate Secretary, each effective immediately.
Each has chosen to step aside in the best interests of the Company in response to a proceeding commenced by the Ontario Securities Commission (“OSC”) on April 9, 2026. Lithium Ionic is not a respondent to the OSC proceeding and no orders have been sought against Lithium Ionic. Lithium Ionic thanks Messrs. Gower, Guy, Diniz and Lopez for their service and contributions as directors and officers of the Company.
The Company remains focused on advancing its flagship Bandeira Project and executing on its strategy as the Company progress toward becoming a near-term lithium producer in Brazil’s Lithium Valley.
Each of Messrs. Gower, Guy, Diniz and Lopez was engaged by Lithium Ionic pursuant to an independent contractor agreement that could be terminated by the Company at any time by paying an amount equal to twelve months’ fees. As part of arrangements entered into, Lithium Ionic has agreed to pay Messrs. Gower, Guy and Lopez the base fee monthly in arrears for the 12-month period pursuant to an amended and restated agreement that terminates after one year unless extended by mutual agreement. Mr. Diniz will remain in an operational role as Managing Director, Brazil, through an independent contractor services agreement. Messrs. Gower, Guy and Lopez have also agreed that during the one-year term they will not dispose of any common shares of Lithium Ionic that they hold, other than subject to agreed customary exceptions, for a period of one-year.
The board of directors of the Company, including with the Special Committee is committed to good governance and constructive engagement with its shareholders and will provide further updates as appropriate. The Company will engage with Waratah Capital Advisors Ltd. concerning its request that the board call a special meeting of shareholders.
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.
For further information:
Lithium Ionic Corp.
Blake Hylands, Chief Executive Officer, Director
+1 647.316.2500
info@lithiumionic.com
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 outcome of recent regulatory proceedings, continued role of certain persons with the Company, possibility of dispositions of the Company’s common shares pursuant to lock-up agreements, engagement by the Company with certain of its shareholders, the board calling a special meeting of shareholders, 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 management’s discussion & analysis, which has been filed under the Company’s SEDAR+ profile at www.sedarplus.ca. 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.
