BRITISH VIRGIN ISLANDS / ACCESSWIRE / December 22, 2022 / 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) James Biddle/Roland Cornish | +44 20 7220 1666 |
| 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 Adam Baynes | 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 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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SOURCE: Bradda Head Lithium Limited
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