REG - Bradda Head Lithium - Update on Application for MCTO

Bradda Head LithiumAnnouncement

30/06/2023 07:00

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RNS Number : 4686E  Bradda Head Lithium Ltd  29 June 2023

29 June 2023

Bradda Head Lithium Ltd

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

Canadian Regulatory Announcement: Update on Application for Management Cease
Trade Order

Vancouver, British Columbia - (June 29, 2023) - Bradda Head Lithium Limited
(AIM:BHL, TSXV:BHLI, OTCQB:BHLIF) ("Bradda Head" or the "Company") is
providing an update on the status of a management cease trade order (the
"MCTO") application to the British Columbia Securities Commission (the "BCSC")
that the Company announced on June 27, 2023.

As a result of delays due to an auditor change, the Company's 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"), were not finalized by June 28, 2023, being the date that such
filings were due under applicable Canadian securities law requirements.

The BCSC has granted the MCTO, pursuant to which the Company will have until
August 28, 2023 to file the Required Filings.

The Company is providing this default announcement in accordance with National
Policy 12-203 Management Cease Trade Orders ("NP 12-203"). The MCTO will
prohibit the chief executive officer and the chief financial officer of the
Company from trading in securities of the Company for so long as the Required
Filings are not filed. The issuance of the MCTO does not affect the ability of
persons other than the chief executive officer and the chief financial officer
of the Company to trade in the Company's securities.

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 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 cease trade order.

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.

For further information please visit the Company's website:
www.braddaheadltd.com (http://www.braddaheadltd.com) .

 

 

 

 

 

 

 

 

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

 

 

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.

 

The Mineral Resource statement for the Basin Project was authored by Martin
Pittuck, CEng, MIMMM, FGS who works for SRK Consulting (UK) Ltd, an
independent mining consultancy. Mr. Pittuck has over 25 years' experience
undertaking and reviewing Mineral Resource estimates and has worked on lithium
clay estimates for over 5 years. Mr. Pittuck consents to the inclusion of the
technical information in this press release and context in which they
appear.  Reference is made to the report entitled "Independent technical
report on the Basin and Wikieup Lithium clay projects, Arizona, USA" dated
October 18, 2022 with an effective date of June 10, 2022  was prepared by
Martin Pittuck, CEng, MIMMM, FGS, and Kirsty Reynolds MSci, PhD, FGS and
reviewed by Nick Fox MSc, ACA, MIMMM. The Report is available for review on
SEDAR (www.sedar.com (http://www.sedar.com) ) and the Company's website
www.braddaheadltd.com (http://www.braddaheadltd.com) .

 

Bradda Head is quoted on the AIM of the London Stock Exchange with the ticker
of BHL, on the TSX Venture 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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