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