Hedge Fund Seeks Removal of Directors at Canadian Lithium Firm

Waratah Capital Advisors Ltd. called for three directors to be removed at Lithium Ionic Corp. after Ontario’s securities regulator began enforcement proceedings against the individuals for their connection to another Canadian minerals explorer that allegedly defrauded investors.

The Toronto-based hedge fund on Monday said the immediate departure of David Gower, Lawrence Guy and Hélio Diniz would be in the “best interests” of the company in light of the Ontario Securities Commission’s actions. Waratah Capital is Lithium Ionic’s largest shareholder, according to data compiled by Bloomberg.