BRITISH VIRGIN ISLANDS / ACCESSWIRE / April 6, 2023 / 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.
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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