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Critical Elements Corporation: Annual and Special Meeting of Shareholders
MONTREAL, June 11, 2019 (GLOBE NEWSWIRE) -- Critical Elements Corporation (TSX-V: CRE) (US OTCQX: CRECF) (FSE: F12) is please to announce the outcome of its ann
About this update from Critical Elements Lithium Corporation
[{"type":"text","content":" MONTREAL, June 11, 2019 (GLOBE NEWSWIRE) -- Critical Elements Corporation (TSX-V: CRE) (US OTCQX: CRECF) (FSE: F12) is please to announce the outcome of its annual and special meeting of shareholders held today. At the meeting, a majority of the Company's shareholders voted in favour of all the resolutions set out in the management proxy circular for the meeting, including: The election of Jean-Sébastien Lavallée, Charles B. Main, Jean-Raymond Lavallée, Marc Simpson, Steffen Haber, Marcus Brune and Matthew Starnes Lauriston as directors.Richard Saint-Jean, who has additional professional responsibilities with another company, resigned prior to the meeting and was therefore no longer a nominee. The Company and the Board of Directors thank Mr. Saint-Jean for his contribution and wish him every success in his future projects. The appointment of KPMG s.r.l./S.E.N.C.R.L. as auditors of the Corporation for the current financial year. The adoption of a special resolution ratifying the amendment of the Company's articles of incorporation to change the Company’s name to “Critical Elements Lithium Corporation/Corporation Lithium Éléments Critiques”. ABOUT CRITICAL ELEMENTS CORPORATION The Company recently released a financial analysis for Critical Elements’ wholly-owned Rose Lithium Tantalum project (Rose Lithium-Tantalum project feasibility study, WSP, November 29, 2017), which is based on price forecasts of US $750/tonne for chemical-grade lithium concentrate (5% Li2O), US $1,500/tonne for technical-grade lithium concentrate (6% Li2O) and US $130/kg for Ta2O5 in tantalite concentrate, and an exchange rate of US $0.75/CA $. The internal rate of return (“IRR”) for the Rose Lithium-Tantalum project is estimated at 34.9% after tax, and net present value (“NPV”) is estimated at CA $726 million at an 8% discount rate. The estimated payback period is 2.8 years. The pre-tax IRR for the Rose Lithium-Tantalum Project is estimated at 48.2% and the pre-tax NPV at CA $1,257 million at an 8% discount rate (see press release dated September 6, 2017). The financial analysis is based on the Indicated mineral resource. An Indicated mineral resource is that part of a mineral resource for which quantity, grade or quality, densities, shape and physical characteristics can be estimated with a level of co...