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E3 Lithium Announces Results of Annual Meeting and Grant of Stock Options

Posted on by angelo
E3 Lithium Announces Results of Annual Meeting and Grant of Stock Options

CALGARY, Alberta, July 17, 2024–(BUSINESS WIRE)–E3 LITHIUM LTD. (TSXV: ETL) (FSE: OW3) (OTCQX: EEMMF), “E3 Lithium” or the “Company”, a leading Canadian lithium company, is pleased to announce that all items of business were approved at its annual general and special meeting (the “Meeting”) of shareholders held on July 16, 2024. At the Meeting, shareholders voted in favour of the following items, as described in the Company’s management information circular dated May 31, 2024 (the “Circular”):

  1. Appointment of MNP LLP as auditor of the company for the coming year

  2. Fixing the number of directors at six

  3. The election of all director candidates listed in the circular, consisting of:

    1. Chris Doornbos

    2. Jean Pantazopoulos

    3. Kevin Stashin

    4. Alexandra Cattelan

    5. Sonya Wild

    6. Tina Craft

  4. The modification of the Company’s overall share incentive plan, moving from a “continuous” plan to a “fixed” plan

  5. Approval of the amended and restated By-law No. 1 of the Company as described in the Circular

Tina Craft joins the E3 Lithium Board of Directors (the “Board”), replacing Mike O’Hara, who retired from the Board. E3 Lithium would like to thank Mr. O’Hara for his seven years of service and significant contributions to the Company.

In connection with Ms. Craft’s appointment to the Board of Directors, the Company granted her incentive stock options (the “Options”) exercisable to acquire up to 300,000 common shares of the Company at an exercise price of $1.52 per share under its Omnibus Equity Incentive Plan with expiry dates for 100,000 Options on each of the third, fourth and fifth anniversaries from the date of grant. The Options will vest at one-third of all Options on each of the first, second and third anniversaries of the date of grant. The grant of the Options is subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE BOARD OF DIRECTORS
Chris Doornbos, President and CEO
E3 Lithium Ltd.

About E3 Lithium

E3 Lithium is a development company with a total of 16.2 million tonnes of measured and indicated lithium carbonate equivalent (LCE) 1 as well as 0.9 million tonnes of LCE inferred mineral resources2 in Alberta and 2.5 million tonnes of LCE inferred mineral resources3 in Saskatchewan. The Clearwater Pre-Feasibility Study described a proven and probable mineral reserve of 1.13 Mt LCE with a pre-tax NPV of $5.2 billion with an IRR of 29.2% and an after-tax NPV of $3.7 billion with an IRR of 24.6%.1E3 Lithium’s goal is to produce high purity, battery-grade lithium products to power the growing electric revolution. With a significant lithium resource and innovative technology solutions, E3 Lithium has the potential to supply lithium to the market from one of the best jurisdictions in the world.

1: The Clearwater Pre-Feasibility Study (“PFS”) press release dated June 26, 2024 is available on E3 Lithium’s website (e3lithium.ca/newsroom/news-releases/) and on SEDAR+ (www.sedarplus.ca).

2: The NI 43-101 Technical Report on the North Rocky Property Mineral Resources, effective October 27, 2017, identified 0.9 Mt of LCE (inferred) and is available on E3 Lithium’s website (e3lithium.ca/technical-reports) and on SEDAR+ (www.sedarplus.ca).

3: The NI 43-101 Technical Report on the Estevan Lithium District Mineral Resources, effective May 23, 2024, identified 2.5 Mt LCE (inferred) and is available on E3 Lithium’s website (e3lithium.ca/technical-reports) and on SEDAR+ (www.sedarplus.ca).

Forward-Looking Statements and Cautionary Statements

This news release contains certain forward-looking statements and management’s objectives, strategies, beliefs and intentions or forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are often identified by words such as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend”, “project”, “potential” and similar words referring to future events and results. Forward-looking statements are based on management’s current beliefs and expectations, estimates and assumptions, in light of its experience, its perception of historical trends and the results of the PFS. In particular, this news release contains forward-looking information relating to: the estimated mineral resources and the Clearwater Project mineral resources; expectations regarding the PFS, including statements regarding the PFS results and their interpretations; expectations regarding the Clearwater Project, including extraction, production, pre-treatment, purification, volume reduction and conversion processes and characteristics; and the expected results thereof; the expected economic performance of the Clearwater Project, including capital costs, operating costs, water use, land use and carbon emissions; statements regarding the Company’s strategy to minimize environmental impact and liquid waste and maximize water reuse, with no anticipated tailings or waste piles; the potential for a secondary revenue stream if the Company is able to sell calcium carbonate generated during lithium hydroxide production; and management’s plans and objectives for the Company’s operations and the Clearwater Project. In preparing the forward-looking information contained in this press release, the Company has applied several material assumptions, including, but not limited to, that any additional financing required will be available on reasonable terms; that the exchange rates of the United States and Canadian currencies will be consistent with the Company’s expectations; that the Company’s current exploration, development, environmental and other objectives regarding the Clearwater Project can be achieved and that its other corporate activities will proceed as anticipated; that the current price and demand for lithium will be maintained or improve; that general business and economic conditions will not change adversely and that all necessary governmental approvals for the planned activities on the Clearwater Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of lithium.

All forward-looking information (including forward-looking information, as defined below) is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development; fluctuating commodity prices; the effectiveness and feasibility of new lithium extraction technologies that have not yet been tested or proven at commercial scale or on the Company’s brine; risks related to the availability of financing on commercially reasonable terms and the intended use of proceeds; operations and contractual obligations; changes in estimated mineral reserves or mineral resources; future prices for lithium and other metals; availability of third-party contractors; availability of equipment; failure of equipment to operate as expected; accidents, the effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; lack of operating revenues for the Company; currency fluctuations; risks related to reliance on key personnel; estimates used in financial statements that prove to be inaccurate; competitive risks and the availability of financing, as more fully described in our recent securities filings available at www.sedarplus.ca. Actual events or results may differ materially from those projected in the forward-looking statements and we caution you not to place undue reliance on them. We undertake no obligation to revise or update these forward-looking statements, except as required by applicable law.

Future-oriented financial information

The forward-looking information contained in this press release also includes financial outlooks and other forward-looking measures regarding the Company and the Clear Water Project, including references to financial and business prospects, future operating results, performance and cash flows (including estimated NPV and IRR). This information, which may be considered future-oriented financial information (FOFI) or financial outlook within the meaning of applicable Canadian securities laws, has been approved by management of the Company as of the date hereof. This FOFI is based on assumptions that management believes to be reasonable as of the date hereof, taking into account the Company’s industry, operations, financial condition, plans and prospects, including the FOFI. These projections are provided to describe the prospective performance of the Clear Water Project and readers are cautioned that this information may not be appropriate for other purposes. In addition, this information is highly subjective and should not be relied upon as necessarily indicative of future results and actual results may differ materially from these projections. The IFPs constitute forward-looking statements and are subject to the same assumptions, uncertainties, risk factors and qualifications as those set forth above.

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.

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Contacts

E3 Lithium – Investor and Media Relations
Alexis of Renaudière
Investor Relations
[email protected]
587-324-2775