Former Lithium Power boss pockets $2.4m after selling down half his stake
Mining & Resources
Martin Holland, co-founder of Lithium Power International
The former boss of Lithium Power International has sold almost half his stake in the junior lithium explorer, pocketing a tidy $2.4 million from the sale.
Martin Holland co-founded Lithium Power (ASX:LPI) in 2015 and led the company to its ASX debut in June 2016 and subsequent acquisition of the Maricunga lithium project in Chile.
He announced in May he was handing over the reins of the company so he could spend more time with his family.
Non-executive director Cristobal Garcia-Huidobro was named the new CEO and managing director of Lithium Power in mid-October.
Mr Garcia-Huidobro was also chief of the joint venture company that owns the Maricunga project.
Mr Holland has now offloaded around 9.5 million shares at an average price of about 25.8c per share.
Lithium Power shares closed at 28.5c on Wednesday.
The sale reduced his stake from 7.1 per cent to 3.5 per cent, meaning he is no longer a substantial shareholder in Lithium Power.