Important Change in Management at Nemaska Lithium

• Departure of the President and Chief Executive Officer
• Restructuring efforts under the CCAA are continuing
•  Filing of the 2^nd quarter financial statements
  
  

QUÉBEC, Québec, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Nemaska Lithium Inc. (“Nemaska Lithium” or the “Corporation”) today announces important change in its management and provides an update regarding the restructuring efforts undertaken since obtaining protection under the Companies’ Creditors Arrangement Act (the “CCAA”) on December 23^rd, 2019.

Change in Management

The Board of Directors of Nemaska Lithium is announcing the departure of the President and CEO, Mr. Guy Bourassa, who is leaving the Corporation’s management and his seat on the Board of Directors as of today.

“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,” said Jacques Mallette, Chairman of the Nemaska Lithium Board of Directors. “Given the restructuring the Corporation is undergoing and the current market conditions, we mutually agreed that it was in the best interest of the Corporation to undertake the next steps with a new approach and renewed leadership. The Board will work closely with the management team and employees, in whom we reaffirm our complete confidence, in order to lead the Corporation in a direction that will ensure its success.”

The Chairman of the Board of Directors and the Corporation’s management team will oversee and ensure the continuity of the restructuring operations.

Progression of the Restructuring Process

As regards the restructuring process, which was undertaken on December 23^rd, 2019 under the supervision of the Superior Court of Québec (the “Court”), Nemaska Lithium continues to collaborate closely with PricewaterhouseCoopers Inc., who is acting as the court-appointed Monitor responsible for overseeing the Corporation’s operations.

The financial advisors responsible for conducting the Sale & Investor Solicitation Process (SISP) are continuing in their efforts to incentivize purchasers or new investors, while finalizing, jointly with the Nemaska Lithium team, the economic and technical documents which will be made available to interested parties starting at the end of February.