Nemaska Lithium (“Nemaska Lithium” or the “Corporation”)
announces that its Board of Directors appointed Mr. Jacques
Mallette as Chairman of the Board, effective January 19, 2020.
Mr. Mallette has acted in capacity of Director of the
Corporation since March 8, 2019.
Mr. Mallette, who has more than 35 years of
experience as chief executive officer (CEO), chief financial
officer (CFO) and director of international companies, brings his
expertise and skills to guide the Corporation’s management and
strategic teams in their efforts to carry out the restructuring
underway in the context of the process initiated under the
Companies’ Creditors Arrangement Act (“CCAA”). Among other
significant experiences, Mr. Mallette was the architect in the
restructuring of a major company, between 2007 and 2009, as its CEO
when the latter sought protection from its creditors in Canada and
the United States.
“I am honoured by the confidence my fellow
directors have placed in me with this appointment, and I intend to
pursue my work with them with the same determination and dedication
that I have shown since joining Nemaska Lithium’s board. We are
still convinced that Corporation’s Whabouchi project is of great
importance for Québec’s economic development and a key player in
the worldwide increasing lithium ion battery industry. As such, we
have at heart to successfully deliver the project in a timely
manner and in the best interest of all stakeholders,” said
Mr. Mallette.
The appointment of Mr. Mallette follows the
decision of Mr. Michel Baril to step down as Chairman of the
Board. Mr. Baril will continue to share his experience and
knowledge as a member of the Board of Directors. “It has been a
great honour for me to be part of Nemaska Lithium’s adventure as
Chairman from the very beginning of the Whabouchi project in 2009.
As we face significant challenges, I would like to offer my entire
collaboration and support to Mr. Mallette in his new role, and
I am fully confident that the team in place have all the resources
needed to carry out this great project,” added Mr. Baril.
Nemaska Lithium continues its review of
strategic alternatives with its legal and financial advisors in
order to restructure its capital, in addition to the work underway
with CCAA proceedings and the litigation with the Nordic Trustee.
More information regarding the Corporation’s situation, decisions
or actions will continue to be provided on an ongoing basis, as
required by applicable law or as may be determined by the
Corporation or the Court.
About Nemaska Lithium
Nemaska Lithium Inc. is a developing chemical
company whose activities will be vertically integrated, from
spodumene mining to the commercialization of high-purity lithium
hydroxide. These lithium salts are mainly destined for the
fast-growing lithium-ion battery market, which is driven by the
increasing demand for electric vehicles and energy storage
worldwide. With its products and processes, the Corporation intends
to facilitate access to green energy, for the benefit of
humanity.
The Corporation intends to operate the Whabouchi
mine in Québec, Canada, one of the richest lithium spodumene
deposits in the world, both in volume and grade, and the spodumene
concentrate to be produced thereat will thereafter be processed at
the Shawinigan plant using a unique membrane electrolysis process
for which the Corporation holds several patents.
For more information, visit
www.nemaskalithium.com.
Cautionary Statement on Forward-Looking
Information
All statements, other than statements of
historical fact, contained in this press release including, but not
limited to, those relating to the CCAA application and proceedings,
operations of the Corporation and the ability of the Corporation to
meet its obligations constitute “forward-looking information” and
“forward-looking statements” within the meaning of certain
securities laws and are based on expectations and projections as of
the date of this press release. Certain important assumptions by
the Corporation in making forward-looking statements include, but
are not limited to, the achievement of a Court-approved arrangement
under the CCAA.
Forward-looking statements contained in this
press release include, without limitation, those related to (i) the
outcome of the CCAA proceedings, (ii) the ability of the
Corporation to secure additional financing, (iii) the Corporation’s
project being of great importance for Québec’s economic development
and a key player in the worldwide increasing lithium ion battery
industry, (iv) the Corporation successfully delivering the project
in a timely manner and in the best interests of all stakeholders,
(v) the Corporation having the team and all the resources needed to
carry out the project, (vi) the Corporation continuing its review
of strategic alternatives in order to restructure its capital, and
(vii) generally, the above “About Nemaska Lithium” paragraph which
essentially describes the Corporation’s outlook. Forward-looking
statements are based on expectations, estimates and projections as
of the time of this press release. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by the Corporation as of the time of
such statements, are inherently subject to significant business,
economic and competitive uncertainties and contingencies. These
estimates and assumptions may prove to be incorrect. In addition,
there is no assurance that there will be any residual value for
shareholders under the CCAA process.
Many of these uncertainties and contingencies
can directly or indirectly affect, and could cause, actual results
to differ materially from those expressed or implied in any
forward-looking statements. There can be no assurance that the
Whabouchi mine and/or the electrochemical plant in Shawinigan will
be commissioned and will begin production, as future events could
differ materially what is currently anticipated by the Corporation.
In addition, there can be no assurance that the CCAA proceedings
will result in the maximization of the return in respect of the
Corporation’s assets and those of its subsidiaries.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. Forward-looking
statements are provided for the purpose of providing information
about management’s expectations and plans relating to the future.
Readers are cautioned not to place undue reliance on these
forward-looking statements as a number of important risk factors
and future events could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates, assumptions and intentions expressed in
such forward-looking statements. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements and those made in our other filings with the
securities regulators of Canada including, but not limited to, the
cautionary statements made in the “Risk Factors” section of the
Corporation’s Annual Information Form dated September 30, 2019, and
the “Risk Exposure and Management” section of the Corporation’s
quarterly Management Discussion & Analysis. The Corporation
cautions that the foregoing list of factors that may affect future
results is not exhaustive, and new, unforeseeable risks may arise
from time to time. The Corporation disclaims any intention or
obligation to update or revise any forward-looking statements or to
explain any material difference between subsequent actual events
and such forward-looking statements, except to the extent required
by applicable law.
Further information regarding Nemaska Lithium is
available in the SEDAR database (www.sedar.com) and on the
Corporation’s website at: www.nemaskalithium.com.
FOR FURTHER INFORMATION, PLEASE
CONTACT:
Gabrielle TellierMedia
Relations514 348-0466gabrielle.tellier@nemaskalithium.com |
Wanda Cutler Investor Relations416 303-6460
wanda.cutler@nemaskalithium.com |