Company denotes 249D notice as invalid and ineffective
Global Lithium Resources has rejected a substantial shareholder's call to remove non-exec directors Greg Lilleyman and Hayley Lawrance from its board and appoint Barry Mitchell.Global claimed the 249D notice from 6.93% shareholder Sincerity Development — a company controlled by Liaoliang Zhu — was "invalid and ineffective".
Global is completing a definitive feasibility study at its Manna project east of Kalgoorlie that currently contains 51.6 million tonnes grading 1% lithium oxide.The company had A$27 million cash at the end of June.At a price this week of 23.5c, Global had an enterprise value of less than $35 million.Global's shares are currently at less than one-tenth the levels they were trading at during the height of the lithium boom two years ago.
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