Bradda Head Lithium Ltd Cancellation of Re-priced Options & TSXV Delisting

RNS Number : 9659H

Bradda Head Lithium Ltd

14 October 2024

 

14 October 2024

Bradda Head Lithium Ltd.

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

Bradda Head Announces Cancellation of Re-priced Options and TSXV Voluntary Delisting

Bradda Head Lithium Ltd (AIM: BHL, TSX-V: BHLI), the North America-focused lithium development group, announces that further to its press release dated 3 September 2024 pursuant to which it announced that it had, subject to receipt of necessary approvals from the TSX Venture Exchange ("TSX-V") and disinterested shareholder approval, reduced the exercise price of 9,000,000 outstanding share options (the "Existing Share Options"). The TSX-V declined to provide the necessary approvals to the reduced share price of C$0.03 as these were below the minimum permitted prices under TSX-V rules.

As a result, the Company announces that it has, with the agreement of the applicable optionholders, cancelled the proposed repricing of the Existing Share Options and the original exercise prices of the Existing Share Options remain unchanged.

Directors and persons discharging managerial responsibilities (PDMRs) whose Existing Share Options will retain the original exercise prices are detailed in the table below:

 

Director/ PDMR	Options subject to cancelled repricing	Total Options Held
Ian Stalker	5,250,000	19,250,000
Joey Wilkins	1,500,000	2,500,000
Piotr Schabik	500,000	1,500,000

Bradda Head also announces that the ordinary shares of the Company will be voluntarily delisted from the TSX-V on or about 24 October 2024. Bradda Head determined to voluntarily delist from the TSX-V on the basis that the costs of maintaining the TSX-V listing exceed the benefits, given the low trading volumes of the Bradda Head ordinary shares on the TSX-V.  The delisting will not affect Bradda Head's listing on AIM and its ordinary shares will continue to be listed on AIM under the symbol "BHL".

 

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 visit the Company's website: www.braddaheadltd.com.

 

 

ENDS

 

 

 

 

Contact:

 

Bradda Head Lithium Limited	[phone]
Ian Stalker, Executive Chair Denham Eke, Finance Director
Beaumont Cornish (Nomad)	[phone]
James Biddle / Roland Cornish
Panmure Gordon (Joint Broker)	[phone]
Kieron Hodgson / Rauf Munir
Shard Capital (Joint Broker)	[phone]
Damon Heath / Isabella Pierre
Red Cloud (North American Broker)	[phone]
Joe Fars
Tavistock (Financial PR)	+ 44 20 7920 3150
Nick Elwes / Josephine Clerkin	[e-mail]

 

 

 

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 and on the TSX Venture Exchange with a ticker of BHLI.

  

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 SEDARplus. 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.

Nominated Adviser

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.

 

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END

 

 

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