Nemaska Lithium (TSX: NMX) announced this morning that President and CEO Guy Bourassa has stepped down from his role with the company effective today. Bourassa will also be stepping down from his role as a director of the company.
The move follows the failure of Nemaska to successfully operationalize itself within Quebec and become a producer of lithium. The company entered into creditor protection proceedings in late December as a result of the inability of the company to source sufficient funding to forge ahead with its operations.
As a result of Nemaska’s failures, it was mutually agreed upon by Bourassa as well as the Board of Directors that his departure was warranted. It was viewed as being in the best interest of the company as well as its shareholders to seek new leadership as Nemaska navigates the restructuring process.
On behalf of the Board of Directors, I would like to thank Mr. Bourassa for the many years he devoted to helping build Nemaska Lithium. His dedication to creating the company and his contribution to the development of this niche market in Québec will remain an undeniable legacy.
Jacques Mallette, Chairman of Nemaska Lithium
With Bourassa’s departure, the restructuring of Nemaska Lithium will be lead by the Chairman of the Board, Jacques Mallette, as well as the remaining management team of Nemaska.
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The restructuring process is currently proceeding as the company looks for either new investors or a purchaser of the company’s assets. Economic and technical documents are currently being finalized by Nemaska’s management, and are expected to be made available to interested parties by the end of February.
Nemaska Lithium remains halted on the TSX as it undergoes creditor protection proceedings.
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.
