(Reuters) – Advantage Lithium Corp. said on Thursday that it has temporarily replaced Chief Executive David Sidoo as he battles US fraud confirmations linked to a sweeping college's admission scandal.
The company has named board member Callum Grant, an engineer through education, as an interim president and said it would go ahead with plans to develop an Argentine lithium deposit.
Mr. Sidoo also went down as president and CEO of Vancouver-based East West Petroleum on Thursday.
Mr. Sidoo, 59, was arrested on Friday and was accused of conspiracy to commit fraud for paying $ 200,000 to the bluff accused master, William "Rick" Singer, to get people to take the SAT trial for their two sons, according to the US Court documents reviewed by Reuters.
Mr. Sidoo plans to travel to a Massachusetts court to face the charges, according to his lawyer Richard Schonfeld, who requested that "people not rush to judgment in the meantime."
Lithium is an important ingredient in batteries for electric cars, and a lot of smaller miners have launched projects in recent years to supply the white metal to Tesla Inc., Volkswagen AG and other automakers.
Ford Motor Co., the second largest American vending machine, said this week was considering ink supplies dealing with a lithium producer.
Canada-based Advantage Lithium has conducted a series of technical studies needed to advance the development of the Cauchari lithium fee, but it has not yet said when the project could come online. [1
"All plans are the same to put Advantage into production at some point," said spokesman Max Sali to Reuters on Thursday.
Orocobre, Advantage Lithium's largest shareholder, was not immediately available for comment.
The company's Argentine projects are close to similar projects run by Lithium Americas Corp and Orocobre.