|By Marketwired .||
|May 15, 2014 05:06 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/15/14 -- Lithium Americas Corp. (TSX: LAC) ("Lithium Americas" or the "Company") announced the adoption by its board of directors of amendments to its by-laws to include advance notice provisions, the purpose of which is to require that advance notice be provided to the Company in circumstances in which nominations of persons for election to the board of directors of the Company are made by shareholders other than pursuant to the requisition of a meeting or a shareholder proposal in accordance with the Business Corporations Act (Ontario).
Among other things, the by-law amendment fixes a deadline by which shareholders must provide notice to the Company of nominations for election to the board and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.
In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.
In the case of a special meeting of shareholders (which is not also an annual meeting), notice to the Company must be made no later than the close of business on the 15th day following the date on which the first public announcement of the date of the special meeting was made.
The by-law amendment is effective immediately. Under the by-law amendment, any shareholder wishing to nominate an individual for election as a director at the Company's Annual and Special Meeting of Shareholders to be held on June 17, 2014 must provide advance notice of any proposed nominees to the Company by close of business on Tuesday, May 20, 2014. In accordance with the Business Corporations Act (Ontario), the amendment will be subject to confirmation by shareholders at the June 17 shareholder meeting.
A copy of the amendment, containing the full details of the advance notice provisions has been filed under the Company's profile on SEDAR at www.sedar.com.
About the Company
Lithium Americas is developing one of the world's largest and lowest cost lithium operations. The Company has defined the world's third largest lithium brine resource, and a completed definitive Feasibility Study identified that Lithium Americas' operating cost per tonne of lithium carbonate is expected to be one of the lowest in the industry.