REG - Bradda Head Lithium - Repricing and Extension of Share Options

Bradda Head LithiumAnnouncement

04/04/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250404:nRSD6086Da&default-theme=true

RNS Number : 6086D  Bradda Head Lithium Ltd  04 April 2025

4 April 2025

 

Bradda Head Lithium Ltd

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

 

Repricing and Extension of Share Options

Extension of Share Warrants

 

Bradda Head Lithium Ltd (AIM:BHL), the North America-focused lithium
development group, announces the repricing of 8,350,000 outstanding share
options ("Existing Options"); such Existing Options representing 2.14% of the
Company's current issued share capital.

 

The repricing applies to Existing Options previously granted to certain
Directors and Management of the Company pursuant to the Company's share option
plan, as follows:

 

  Name             Issue date  Existing Options exercise price  Number
 Promaco Limited*  Sep-21      £0.090                           1,250,000
 Piotr Schabik     Sep-21      £0.090                           250,000
 Promaco Limited*  Apr-22      £0.180                           3,000,000
 Alex Borrelli     Dec-22      £0.105                           500,000
 Euan Jenkins      Dec-22      £0.105                           500,000
 Promaco Limited*  Apr-23      £0.060                           1,000,000
 Joey Wilkins      Apr-23      £0.060                           1,500,000
 Piotr Schabik     Apr-23      £0.060                           250,000
 Ian Christianson  Apr-23      £0.060                           100,000
 Total options                                                  8,350,000

* Promaco Limited is a company owned by a trust of which Ian Stalker, Chair,
is a beneficiary

 

The Existing Options will be repriced from various existing exercise prices of
£0.06, £0.09, £0.105, and £0.18 per ordinary share to £0.015 (1.5 pence)
per common share, being a premium of 30% to the closing share price on 2 April
2025 of £0.0115 (1.15 pence) and a premium of 7% to the 12 month VWAP. The
repricing does not affect the Existing Options' current vesting schedules, if
applicable, and does not extend the term of the Existing Options. The
repricing is being taken in response to the current market challenges
impacting the lithium sector, a resulting reduction in the Company's share
price, and to better align with the recent share options granted to certain
officers and directors at a price of £0.015 (1.5 pence). Whilst the Directors
recognise the decline in the share price, they feel that incentivising
Directors and Management is important, particularly recognising the reduced
corporate overhead the Company is focused on.

 

In addition, the exercise periods of certain Share Options awarded during June
2021 and September 2021 have been extended for an additional period of 2
years, with the exercise period now being 7 years from grant date. Following
the extension, a total of 15,000,000 Share Options have an exercise period up
to June 2028, and a further 1,500,000 Share Options have an exercise period of
September 2028.

 

Extension of Warrants Exercise Period

 

The Company has also extended the exercise period of Share Warrants awarded to
Beaumont Cornish Limited, nominated advisor to the Company, for an additional
period of 2 years. A total of 1,818,182 Share Warrants were awarded to
Beaumont Cornish as part of the AIM listing in July 2021. The exercise period
of these Share Warrants has been extended to 19 July 2028, but these remain
exercisable at the original exercise price of £0.055 (5.5 pence).

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part
of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement, this inside information is now
considered to be in the public domain.

 

ENDS

 

 

 Bradda Head Lithium Limited                       Panmure Liberum   Shard Capital

                                Beaumont Cornish                                                    Tavistock

 Company                        Nomad              Joint Broker      Joint Broker                   Investor Relations
 Ian Stalker, Executive Chair   James Biddle /     Rauf Munir        Damon Heath / Isabella Pierre  Nick Elwes /

 Denham Eke, Finance Director   Roland Cornish                                                      Josephine Clerkin
 +44 1624 639 396               +44 20 7628 3396   +44 20 7886 2500  +44 207 186 9927               + 44 20 7920 3150

                                                                                                    braddahead@tavistock.co.uk

 

 

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 a Measured Mineral Resource of 20 Mt at an
average grade of 929 ppm Li for a total of 99 kt LCE and an Indicated
Mineral Resource of 122 Mt at an average grade of 860 ppm Li and an
Inferred Mineral Resource of 499 Mt at an average grade of 810 ppm Li for a
total of 2.81 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.

 

Forward-Looking Statements

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DSHEASLDESXSEFA