REG - Bradda Head Lithium - Stock Option Plan & Issue of Options

Bradda Head LithiumAnnouncement

21/12/2022 07:00

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RNS Number : 3931K  Bradda Head Lithium Ltd  21 December 2022

 

 

21 December 2022

Bradda Head Lithium Ltd

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

Stock Option Plan

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, is
pleased to announce that it has adopted a stock option plan (the "Stock Option
Plan"), subject to receipt of shareholder approval at the next annual general
meeting of shareholders of the Company.

In line with the policies of the TSX Venture Exchange (the "TSXV"), the
maximum number of new ordinary shares which may be issued under the Stock
Option Plan is 10% of the Company's issued and outstanding ordinary shares at
the time of grant.  Currently the Company has 8.3% of its issued share
capital under option. The Stock Option Plan has a "rolling" limit, as the
number of ordinary shares reserved for issuance pursuant to the grant of stock
options will automatically increase as the Company's issued and outstanding
share capital increases.  The limit includes outstanding stock options
previously granted.  A copy of the Stock Option Plan has been filed on SEDAR
and is available on the Company's website.

The TSXV has conditionally accepted the Stock Option Plan, subject to
shareholder approval to be obtained at the next annual general meeting of
shareholders of the Company.  If approval from shareholders is not obtained,
the Stock Option Plan will terminate and all new options issued under the
Stock Options Plan will be terminated (all pre-existing options will remain).

The Company is also pleased to announce that it has granted (subject to
shareholder approval at the next AGM) an aggregate of 1,000,000 options (the
"Options") being 500,000 each to its Independent Non-Executive Directors, Euan
Jenkins and Alex Borrelli (together referred to as the "NEDs"), each at an
exercise price of 10.5 pence, being a 24% premium to market close on Tuesday
20 December 2022.

 

Options for the NEDs are subject to the following conditions:

-      Options vest immediately;

-      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.

The grant of the Options is subject to the approval and requirements of the
TSX Venture Exchange, as well as the approval of 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 ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES 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 VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

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 7220 1666

 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 17.6Mt at an
average grade of 912ppm Li and 3.4%K for a total of 86kt LCE and an Inferred
Mineral Resource of 57.6Mt at an average grade of 717ppm Li and 3.3%K for a
total of 220kt LCE. In the rest of the Basin Project SRK has estimated an
Exploration Target of between 300 and 1,300Mt of material grading between 600
and 850ppm Li which is equivalent to a range of between 1 and 6Mt 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", "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.

 

ENDS

 

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