Emerita Resources filed a statement of claim over Lithium Ionic's Bandeira project. Lithium Ionic called the allegations unproven and said it will defend its ownership.
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Lithium Ionic Corp. said Emerita Resources Corp. filed a statement of claim in Ontario Superior Court over mining claims that now form part of Lithium Ionic's Bandeira lithium project in Brazil.
The claim, filed July 29, targets former directors and officers of both companies, alongside Falcon Metais Ltda. The dispute centers on mining claims that originated with Falcon Metais. Emerita is seeking an equitable interest, a legal remedy that could allow it to claim ownership or a share of the project's value, and a constructive trust over Lithium Ionic securities held by the former directors. A constructive trust is a court-ordered remedy that can be applied to property acquired through alleged wrongdoing. None of Lithium Ionic's current directors or officers are named in the action.
The company said it disagrees with the allegations, which it called unproven, and believes it is the rightful owner of the Bandeira assets. It will respond through the court process and defend its rights and the interests of its shareholders.
Lithium Ionic, a Canadian lithium developer focused on the Bandeira project in Minas Gerais' 'Lithium Valley', holds a 100% interest in the project. The district has drawn interest from battery supply chains. Lithium Ionic completed a preliminary economic assessment on Bandeira in 2024 and has been advancing the permitting process.
Lithium Ionic shares trade on the TSX Venture Exchange under LTH and on the OTCQX under LTHCF. The company said it will not comment further while the case is active and continues to advance engineering and permitting work at Bandeira.
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