REG - Bradda Head Lithium - Issue of Options

Bradda Head LithiumAnnouncement

06/04/2023 07:00

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RNS Number : 5556V  Bradda Head Lithium Ltd  06 April 2023

6 April 2023

Bradda Head Lithium Ltd

("Bradda Head", "Bradda", "BHL" or the "Company")

Issue of Options

 

Bradda Head Lithium Ltd. (AIM:BHL, TSXV:BHLI, OTCQB:BHLIF) ("Bradda Head" or
the "Company"), the North America-focused lithium development company,
announces that it has issued options, subject to approval of the Stock Option
Plan at the next AGM as detailed below, ("Options") to certain of the
Company's Directors and Operational Team (together the "Recipients").

 

An aggregate of 4,800,000 new Options representing 1.2% of the Company's
issued share capital have been issued to the Recipients, each at an exercise
price of £0.06 (or C$0.10), representing a 22% premium to market close on
Thursday 6 April 2023.

 

Options awarded are subject to the following conditions (and the other terms
of the Stock Option Plan of Bradda Head (the "Plan")):

-      Options vest immediately following approval;

-      No performance or non-performance conditions attached to them;

-      Are exercisable for a period of five years from date of issue; and

-      The Options issued to each participant should lapse upon any
participant no longer being an employee or connected person remunerated by the
Company.

Directors and PDMRs included in the award are detailed in the table below:

 Director/ PDMR   Current Options Held  New Options awarded  Total Options Held
 Ian Stalker      17,250,000            1,000,000            18,250,000
 Charles FitzRoy  10,000,000            1,000,000            11,000,000
 Joey Wilkins     -                     1,500,000            1,500,000
 Piotr Schabik    750,000               250,000              1,000,000

 

The total number of Options in the Company is now 37,831,304, representing
9.7% of the Company's issued share capital.

 

The grant of the Options is subject to approval and requirements of the TSX
Venture Exchange, as well as the approval of the Stock Option Plan (announced
on 21 December 2022) by a majority of votes cast at a meeting of shareholders
of the Company, excluding the votes cast by shareholders who have been granted
Options. In the event that such approval is not obtained, the Options will
terminate.  No Options may be exercised until such approval is obtained.
This approval is expected to be sought at the Company's next annual and
special meeting of shareholders, expected to be held in September 2023.  The
approval of the Plan will also be sought at this meeting.

 

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

 Peterhouse (Joint Broker)          +44 207 469 0930
 Charles Goodfellow

 Duncan Vasey

 Lucy Williams

 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

 

 

About Bradda Head Lithium Ltd.

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.

 

Forward-Looking Statements

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
includes certain "forward-looking statements" which are not comprised of
historical facts.  Forward-looking statements include estimates and
statements that describe the Company's future plans, objectives or goals,
including words to the effect that the Company or management expects a stated
condition or result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "intends to", "expects", "estimates",
"may", "could", "would", "will", or "plan". Since forward-looking statements
are based on assumptions and address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Although these
statements are based on information currently available to the Company, the
Company provides no assurance that actual results will meet management's
expectations.  Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results, performance,
prospects and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward looking information in
this news release includes, but is not limited to, following:  The Company's
objectives, goals or future plans. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not
limited to: failure to identify mineral resources; failure to convert
estimated mineral resources to reserves; delays in obtaining or failures to
obtain required regulatory, governmental, environmental or other project
approvals; political risks; future operating and capital costs, timelines,
permit timelines, the market and future price of and demand for lithium, and
the ongoing ability to work cooperatively with stakeholders, including the
local levels of government; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets, inflation,
changes in exchange rates, fluctuations in commodity prices; delays in the
development of projects, capital and operating costs varying significantly
from estimates; an inability to predict and counteract the effects of COVID-19
on the business of the Company, including but not limited to the effects of
COVID-19 on the price of commodities, capital market conditions, restriction
on labour and international travel and supply chains; and the other risks
involved in the mineral exploration and development industry, and those risks
set out in the Company's public documents filed on SEDAR. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than
as required by law.

 

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