Announces CEO Transition
COMET LITHIUM CORPORATION
ANNOUNCES CEO TRANSITION
ROUYN-NORANDA, QC
,
June 12, 2023
/CNW/ - Comet Lithium Corporation (TSXV: CLIC) ("
Comet
Lithium
" or the "
Corporation
") today announced that the Board of Directors and Mr.
Michael
Ferreira
have mutually agreed that Mr. Ferreira step down from his role as President and Chief
Executive Officer of the Corporation, effective immediately. Mr. Ferreira also agreed to resign as
director and Chair of the Board.
The Board of Directors was informed by Mr. Ferreira that the
Autorité des marchés financiers
had
filed administrative proceedings against Mr. Ferreira before the
Tribunal administratif des marchés
financiers
, alleging that he had, between
January 1, 2019
and
April 30, 2019
, influenced or
attempted to influence the market price of the Corporation's shares and created, or contributed to, a
misleading appearance of trading activity on, or an artificial price for, the Corporation's shares. The
proceedings do not
allege
any wrongdoing by the Corporation or by other directors or officers of the
Corporation.
Considering the nature and seriousness of the allegations made, the Board of Directors and Mr.
Ferreira decided it would be best that Mr. Ferreira temporarily steps down from his role.
Mr. Sylvain Champagne, the acting Chief Financial Officer and Secretary of the Corporation, was
appointed Interim President and Chief Executive Officer of the Corporation, effective immediately.
The Board of Directors will work closely with Mr. Champagne during the interim to ensure a proper
transition and the continuation of the Corporation's activities. The Corporation has applied for a
waiver from Section 5.9 of Policy 3.1 of the TSX Venture Exchange to allow Mr. Champagne to
concurrently act as Chief Executive Officer, Chief Financial Officer and Secretary of the Corporation.
About Comet Lithium Corporation
Comet Lithium Corporation is a dynamic lithium-focused exploration company active in the prolific
James Bay Lithium District of
Quebec
. Comet Lithium's flagship asset is its 100%-owned Liberty
Property contiguous to Winsome Resources' Adina deposit. Comet Lithium is advancing Liberty to
first-ever drilling in 2023.
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
the release.
www.cometlithium.com
SOURCE
Comet Lithium Corporation
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http://www.newswire.ca/en/releases/archive/June2023/12/c4361.html
%SEDAR: 00035962E
For further information:
Sylvain Champagne, Interim President and Chief Executive Officer, Tel.:
819.762.4101, Email: [email protected]
CO: Comet Lithium Corporation
CNW 07:42e 12-JUN-23