• As expected, management refuses to concede – their self-interested, manufactured rationalizations are not legally valid reasons to postpone the meetings and ignore the best interests of the Company and its shareholders
• Neither corporate statute nor case law gives the company authority to postpone the Meetings, the opposite is true, the company lacks the authority to hold the meeting beyond its statutory deadline of December 17, 2022 or postpone a special meeting called in response to a valid requisition
• As previously disclosed, the Concerned Shareholders will proceed with the Meetings as planned on December 15, 2022 at 9:00 a.m. (Central Time). Details of the updated location for the Meetings are set out below

Toronto, Ontario–(Newsfile Corp. – December 15, 2022) – The group of concerned shareholders (the “Concerned Shareholders“) of Snow Lake Resources Ltd. (NASDAQ: LITM) (the “Company” or “Snow Lake“), announce that the annual general and special meetings of Snow Lake (the “Meetings“) called by the Company for December 15, 2022 in response to the valid requisition of the Concerned Shareholders will continue as planned. The meeting will now be held at the office of MLT Aikins LLP, 30^th Floor, 360 Main Street, Winnipeg, Manitoba R3C 4G1 at 9:00 a.m. (Central Time) on December 15, 2022.

On June 8, 2022 the Concerned Shareholders of Snow Lake issued a valid requisition to the Company and its directors. On June 29, 2022 the Company responded by setting a meeting date of December 15, 2022 and record date of October 27, 2022. On December 14, 2022 the Company ignored their statutory obligation to hold their general meeting by December 17, 2022 and ignored the requisitioned meeting and announced an intention to postpone the meetings until January 17, 2023. This is yet another example of the Company’s blatant disregard for its statutory and fiduciary responsibilities and the Concerned Shareholders will not tolerate it.

As previously disclosed, management is aware that quorum has been achieved, but unfortunately the 2.76% of shareholders that supported management is necessary for quorum to be present at the Meetings. Pursuant to section 146(1) of The Corporations Act (Manitoba) Philip Gross, as proxyholder is required to attend the Meetings or cause an alternate proxyholder to attend the Meetings and comply with the directions of the shareholder who appointed him. The Concerned Shareholders demand management comply with their statutory obligation and attend the Meetings.

If management disregard their obligations and fail to attend the Meetings on December 15, 2022 in order to prevent quorum being attained, pursuant to section 133(3) of The Corporations Act (Manitoba), the Concerned Shareholders will support a brief adjournment of the Meetings with details to be announced. As such the Concerned Shareholders urge shareholders to ignore appeals from management to revoke their proxies or not to vote, so that the delay and cost can be avoided and the rebuilding of the Company can commence.

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/148183