• Management is wasting millions of dollars of Company money, employing expensive legal and proxy firms, to try to frustrate Shareholders fundamental rights to elect the board they want, while continuing to enrich themselves
• Management still refuses to confirm the Meetings set for December 15, 2022, will proceed as planned
• If Management improperly cancel or delay the Meetings, the Concerned Shareholders will provide an updated location so the Meetings can proceed as planned on December 15, 2022
• The Concerned Shareholders call on all Shareholders to vote the BLUE PROXY to stop this extraordinary personal enrichment, at the expense of the Company

Toronto, Ontario–(Newsfile Corp. – December 7, 2022) –  The group of concerned shareholders (the “Concerned Shareholders“) of Snow Lake Resources Ltd. (NASDAQ: LITM) (the “Company” or “Snow Lake“), announce that they have now filed and mailed an information circular (available here) and BLUE PROXY to Snow Lake’s shareholders (“Shareholders“) for the Company’s upcoming annual general and special meetings to be held on December 15, 2022 (the “Meetings“).

The Concerned Shareholders urge all Snow Lake Shareholders to help save Snow Lake from irreparable harm, by replacing the current board of directors (other than Dale Schultz and Nachum Labkowski) at the Meetings by voting their shares using the BLUE PROXY to elect the six highly qualified and experienced candidates nominated by the Concerned Shareholders, Dale Schultz, Nachum Labkowski, Brian Imrie, Peretz Schapiro, Shlomo Kievman and Kathleen Skerrett (the “Concerned Shareholders’ Nominees“).

As further described in the letter to Shareholders in the information circular, the Concerned Shareholders simply want the Company run by an independent, competent, and experienced board, with proper corporate governance in place. However, rather than engaging and addressing the concerns raised to correct Snow Lake’s decline, Philip Gross (“Mr. Gross“) and the directors who support him have collectively spent considerable time, and millions of dollars of the Company’s funds, trying to avoid the Meetings and engaging in activities designed to either entrench or enrich themselves at the Company’s expense.

Snow Lake’s board has concealed from Shareholders the recent attempts by Mr. Gross, and the directors who support him, to collectively remove any semblance of proper corporate governance. Snow Lake’s directors have allowed Mr. Gross free rein to do whatever he wants while disregarding his misconduct, including;

1. The attempt in September to massively dilute Shareholders through an unnecessary and ill-timed share issuance, which was ultimately blocked by a court order;
2. Mr. Gross’ personal compensation package increasing to an astonishing US$3.3m for just 7 months work;
3. The board rushing through outrageous and improper “golden parachute” for themselves, which requires the Company to pay them over US$2.4 million if the Concerned Shareholders even dare to challenge Mr. Gross’ autocracy; and
4. Mr. Gross orchestrating the removal of the independent Chair of the Audit Committee, Nachum Labkowski, when Mr. Labkowski challenged Mr. Gross on some of his misconduct.

This extraordinary personal enrichment at the expense of Snow Lake Shareholders must be stopped and the only way to do this is to vote for the BLUE PROXY.

Despite repeated requests, the directors and Company refuse to confirm that the Meetings scheduled for December 15, 2022 will go ahead as planned or that the Company will not take steps to try and frustrate them.

Consequently, to ensure that fair and democratic Meetings are held as planned we publicly demand that the Company stop ignoring Shareholders requests and confirm that they will cease interfering with shareholder democracy, and ensure that a fair election of directors will take place as planned on December 15, 2022.

In the event that Management illegally decides to postpone, adjourn or cancel the planned Meetings, Shareholders are put on notice that the Concerned Shareholders will proceed with the Meetings as planned on December 15, 2022, and an updated location for the Meetings will be announced.

To end the misconduct and the pillaging of millions of dollars of the Company’s funds for the enrichment of Mr. Gross and the collaborating directors and management, Shareholders need to vote their BLUE PROXY to show that these actions are not acceptable.

Further details regarding the Concerned Shareholders’ Nominees and the reasons that the Concerned Shareholders want to reconstitute Snow Lake’s board are contained in the information circular available here, on the Company’s SEDAR profile at www.sedar.com and on EDGAR at www.sec.gov.

Sources: The Concerned Shareholders of Snow Lake

For additional information, please contact:
Shorecrest Group Ltd.
North American Toll Free Phone: 1-888-637-5789
Local (Collect outside North America): 647-931-7454
Email: [email protected]

If you experience any problems or require assistance voting your BLUE form of proxy or voting instruction form, contact the concerned shareholders’ proxy solicitor, Shorecrest Group Ltd., at 1-888-637-5789 (North America toll-free), or at 647-931-7454 (outside of North America collect), or by email at [email protected].

Forward Looking Information

Certain statement contained herein are “forward-looking statements”. Often, but not always, forward-looking statement can be identified by the use of words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include statements regarding the Meetings, the business to be conducted at the Meetings. The Concerned Shareholders cannot give any assurance that such forward-looking statements will prove to have been correct. The reader is cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/147098