MANITOBA, ON / ACCESSWIRE / September 23, 2022 / Snow Lake Resources Ltd., d/b/a Snow Lake Lithium Ltd. (Nasdaq:LITM) (“Snow Lake Lithium” or the “Company”) announced today that it received a letter (the “Notification Letter”) dated September 19, 2022 from the staff of the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) ), stating that the Company has terminated due to the removal of Mr. Nachum Labkowski from the Company’s Audit Committee on September 7, 2022. Mr. Labkowski was also removed as a member of the Nominating and Corporate Governance Committee and remains an independent member our board of directors (the “Board”).
The letter also states that Nasdaq will grant the company a short period under Listing Rule 5605(c)(4). Pursuant to Nasdaq Listing Rule 5605(c)(4), the Company is entitled to a grace period to return to compliance, which grace period expires at the next annual meeting of the Company or on September 7, 2023; provided, however, that if the Company’s next Annual General Meeting is held before March 6, 2023, the Company must demonstrate compliance no later than March 6, 2023.
If the company does not regain compliance by the end of the grace period, Nasdaq regulations require employees to notify the company in writing that its securities will be delisted. At that time, the Company may appeal the delisting decision to a hearing panel.
Receipt of the notification letter has no immediate effect on the listing of the Company’s common stock, which continues to trade uninterrupted on the Nasdaq under the ticker “LITM”. The Company is working with relevant authorities to resolve this issue and is conducting a search for a new director who meets Nasdaq requirements and is available for appointment to the Company’s Board of Directors and Audit Committee within the healing period. The company is also required to submit documentation to Nasdaq, including biographies of all new directors, demonstrating compliance with the listing rule within the grace period.
About Snow Lake Resources Ltd.
Snow Lake Lithium is committed to creating and operating a fully renewable and sustainable lithium mine that can provide a fully traceable, carbon neutral, and damage-free product to the North American electric vehicle and battery markets.
Our 100% owned Thompson Brothers lithium project now covers 55,318 acres at only 1% exploration and contains a previously identified indicated and inferred resource of 11.1 million tonnes grading 1% Li2O.
This press release contains “forward-looking statements” that involve significant risks and uncertainties. All statements in this press release, other than statements of historical fact, are forward-looking statements. We base these forward-looking statements on our expectations and projections about future events, which we infer from the information currently available to us. Forward-looking statements contained in this press release can be identified by the use of words such as “anticipate”, “believe”, “consider”, “could”, “estimate”, “expect”, “intend”, “aim”, “may”, “could”. ‘, ‘plan’, ‘potential’, ‘predict’, ‘project’, ‘aim’, ‘aim’, ‘should’, ‘will’, ‘would’ or the negative of these words or other similar expressions, although not all forward-looking statements contain those words. Forward-looking statements are based on Snow Lake Resources Ltd’s current expectations. and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. In addition, certain forward-looking statements are based on assumptions about future events that may not prove to be correct. These and other risks and uncertainties are described in more detail in the “Risk Factors” section of our registration statements and reports filed with the Securities and Exchange Commission. Forward-looking statements contained in this release are made as of this date and Snow Lake Resources Ltd. assumes no obligation to update such information, except as required by applicable law.
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SOURCE: Snow Lake Resources Ltd.
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