REG - Bradda Head Lithium - Agreement re: Late Filing of Annual Financials

Bradda Head LithiumAnnouncement

28/06/2023 07:00

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RNS Number : 1194E  Bradda Head Lithium Ltd  28 June 2023

Bradda Head Lithium Limited

Canadian Regulatory Announcement: Agreement regarding Late Filing of Annual
Financial Statements and Application for Management Cease Trade Order

The Company has today published the following announcement in Canada regarding
the timing for release of its Financial Statements for the year ended 28
February 2023. This will not impact on the deadline for publishing the
Financial Statements as required under AIM Rule 19.

Vancouver, British Columbia - (June 28, 2023) - Bradda Head Lithium Limited
(AIM:BHL, TSXV:BHLI, OTCQB:BHLIF) ("Bradda Head" or the "Company") announces
the Company's potential delay in filing its annual financial statements for
the year ended February 28, 2023 and related management discussion and
analysis (collectively, the "Financial Statements") and the CEO and CFO
certificates relating to the Financial Statements (the "Required Filings")
beyond the prescribed filing deadlines.

The Company's potential delay in filing its Required Filings on time is due to
the fact that it has engaged PKF Littlejohn LLP as new auditors, as announced
in the Company's news release dated June 13, 2023 and the Notice of Change of
Auditors filed on the Company's profile on SEDAR on June 19, 2023.

Considering the foregoing factors, it is the Company's view that should the
Required Filings not be filed by June 28, 2023, then the present circumstances
warrant the imposition of a management cease trade order ("Management CTO"),
rather than a cease trade order ("CTO"), as contemplated under National Policy
12-203 - Management Cease Trade Orders ("NP 12-203"). The Company has applied
for a Management CTO.

The Company proposes to remedy the default working with its new auditor to
ensure the filing of its Required Filings as soon as possible. The Company
expects to be in a position to issue and file the Required Filings by no later
than August 28, 2023. The Company confirms that the filing extension does not
impact on its reporting timetable, as required under AIM Rules.

The Company therefore fully expects to file its Required Filings prior to the
end of the period prescribed by NP 12-203. The Company has confirmed that it
intends to satisfy the provisions of the alternative information guidelines
described in sections 9 and 10 of NP 12-203 for so long as it remains in
default for failure to file the Required Filings.  Should the Company fail to
file the appropriate Default Status Reports as prescribed by NP 12-203, the
securities commissions or regulators may, as a result of such failure, impose
a CTO.

The Company confirms that it is not subject to any insolvency proceeding as of
the date hereof. The Company also confirms that there is no other material
information concerning the affairs of the Company that have not been generally
disclosed as of the date herein. The Board and the Audit and Risk Committee
confirmed that there are no disagreements or unresolved matters between KPMG
and the Company relating to the proposed change of Auditor, and no other
matters in respect of the change of Auditor that need to be brought to the
attention of the Shareholders.

 

About Bradda Head Lithium

 

Bradda Head Lithium Ltd. is a North America-focused lithium development group.
The Company currently has interests in a variety of projects, the most
advanced of which are in Central and Western Arizona: The Basin Project (Basin
East Project, and the Basin West Project) and the Wikieup Project.

The Basin East Project has an Indicated Mineral Resource of 21.2 Mt at an
average grade of 891 ppm Li and 3.5% K for a total of 100 kt LCE and an
Inferred Mineral Resource of 73.3 Mt at an average grade of 694 ppm Li and
3.2% K for a total of 271 kt LCE.

In the rest of the Basin Project SRK has estimated an Exploration Target of
between 300 to 1,300 Mt of material grading between 600 to 850 ppm Li which
is equivalent to a range of between 1 to 6 Mt LCE. The Group intends to
continue to develop its three phase one projects in Arizona, whilst
endeavouring to unlock value at its other prospective pegmatite and brine
assets in Arizona, Nevada, and Pennsylvania. All of Bradda Head's licences are
held on a 100% equity basis and are in close proximity to the required
infrastructure.

Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker
of BHL, on the TSX Ventures exchange with a ticker of BHLI, and on the US
OTCQB market with a ticker of BHLIF.

For further information, please contact:

 

 Bradda Head Lithium Limited        +44 (0) 1624 639 396
 Charlie FitzRoy, CEO

 Denham Eke, Finance Director

 Beaumont Cornish (Nomad)           +44 20 7628 3396

 James Biddle/Roland Cornish

 Panmure Gordon (Joint Broker)      +44 20 7886 2500
 John Prior

 Hugh Rich

 Shard Capital (Joint Broker)       +44 207 186 9927
 Damon Heath

 Isabella Pierre

 Red Cloud (North American Broker)  +1 416 803 3562
 Joe Fars

 Tavistock (PR)                     + 44 20 7920 3150
 Nick Elwes                         braddahead@tavistock.co.uk

 Adam Baynes

 

Reader Advisory

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

This news release may contain forward-looking information within the meaning
of applicable securities laws. All information and statements other than
statements of current or historical facts contained in this news release are
forward-looking information.

 

Forward-looking statements are subject to various risks and uncertainties
concerning the specific factors disclosed here and elsewhere in African Energy
Metals' periodic filings with Canadian securities regulators. When used in
this news release, words such as "will", "could", "plan", "estimate",
"expect", "intend", "may", "potential", "should," and similar expressions, are
forward- looking statements. Information provided in this document is
necessarily summarized

and may not contain all available material information.

 

Forward-looking statements include those in relation to the filing of the
Required Filings and the anticipated timing thereof. Although African Energy
Metals believes the expectations reflected in such forward-looking statements
are based on reasonable assumptions, it can't make any assurances that its
expectations will be achieved. Such assumptions may prove incorrect. Forward
looking statements are necessarily based upon a number of estimates, and
assumptions (including the receipt of regulatory approvals) that, while
considered reasonable, are subject to known and unknown risks, uncertainties
and other factors which may cause the actual results and future events to
differ materially from those expressed or implied by such forward looking
statements.

 

The forward-looking statements in this news release are made as of the date of
this news release, and African Energy Metals disclaims any intention or
obligation to update or revise such information, except as required by
applicable law.

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