Nemaska Lithium (TSX: NMX) announced this morning that Board Chairman Michel Baril has stepped down from his role. While he’ll continue to serve on the Board of Directors of the company as it goes through the Companies Creditors Arrangement Act (CCAA) process, it will no longer be in the role of Chairman.
Taking his place will be that of Jacques Mallette, who was appointed to the role effective January 19, 2020. Mallette has served on the company’s board since that of March 2019. He’ll guide the corporations management and strategic teams as it goes through the CCAA process, something of which he has experience in.
With more than 35 years of overall experience in executive leadership roles, including as chief executive and chief financial officer for a number of public firms, the most valuable experience he brings to that of Nemaska Lithium is the experience of guiding through the CCAA process. Mallette was the architect behind guiding Quebecors World, a $4 billion firm at the time, through the CCAA process which eventually saw the firm dispose of over $2 billion in debt and relist on the Toronto Stock Exchange.
I am honoured by the confidence my fellow directors have placed in me with this appointment, and I intend to pursue my work with them with the same determination and dedication that I have shown since joining Nemaska Lithium’s board. We are still convinced that Corporation’s Whabouchi project is of great importance for Québec’s economic development and a key player in the worldwide increasing lithium ion battery industry. As such, we have at heart to successfully deliver the project in a timely manner and in the best interest of all stakeholdersJacques Mallette, Chairman of Nemaska Lithium
Nemaska Lithium remains in the process of identifying strategic alternatives related to its operation in order to restructure its capital position.
Nemaska Lithium remains halted on the TSX as a result of the ongoing CCAA process.
Information for this briefing was found via Nemaska Lithium. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.