Financial News
Atlantic Lithium Limited Announces Board Commitment and Issue of Options
- Corporate Update
- Expanding the Executive Team
- Further Aligning the Board with Growing Shareholder Value
SYDNEY, AUSTRALIA / ACCESSWIRE / April 22, 2022 / Atlantic Lithium Limited (AIM:ALL) (OTCQX:ALLIF), "Atlantic Lithium" or the "Company"), the fully funded, African-focused lithium exploration and development company on track to become West Africa's first lithium mine, is pleased to announce the commitment of its Board of Directors for the next phase of the Company's project and corporate developments.
To strengthen the executive team as the Company prepares for the development of its mine in Ghana, Mr Neil Herbert, formerly Non-Executive Chairman, has been appointed Executive Chairman and Mr Stuart Crow, a Non-Executive Director, has been appointed Senior Non-Executive Director. These appointments are in addition to the recent appointments of an Interim Chief Executive and a Finance Director.
Mr Herbert has worked with growing mining companies since joining Antofagasta plc in the 1990s, during which time he has successfully led and grown the value of resource companies around the world. Mr Crow has extensive global experience in the mining sector and is Chairman of ASX listed Argentine lithium company Lake Resources NL.
In order to further align key members of the Board with the best interests of the Company and its shareholders, the Company will issue options to Mr Neil Herbert (Executive Chairman), Ms Amanda Harsas (Finance Director and Company Secretary) and Mr Stuart Crow (Senior Non-Executive Director).
Commenting on the Company's latest progress, Neil Herbert, Executive Chairman, said:
"The Company is at a critical stage of its transition from explorer to developer and producer. These changes complete the strengthening of our executive team and Board as we go into the next stage of development of the Company and accelerate our fully funded Ghana lithium project to production.
"I am delighted to reiterate the commitment of the Board to Atlantic Lithium's strategic goals at this pivotal moment in the Company's history. We therefore believe it is important to appropriately incentivise our Board to ensure continuity and align the Board with growing shareholder value through the development of West Africa's first lithium mine."
Issue of Share Options
Accordingly, the Company will issue the following unlisted options to directors:
The issue of unlisted options to Mr Neil Herber
Number of Options Strike Price Term to Expiry
3,000,000 70 pence 23 April 2024
3,000,000 75 pence 23 April 2024
2,000,000 80 pence 23 April 2024
The issue of unlisted options to Ms Amanda Harsas
Number of Options Strike Price Term to Expiry
3,000,000 70 pence 23 April 2024
3,000,000 75 pence 23 April 2024
2,000,000 80 pence 23 April 2024
The issue of unlisted options to Mr Stuart Crow
Number of Options Strike Price Term to Expiry
2,000,000 70 pence 23 April 2024
2,000,000 75 pence 23 April 2024
1,000,000 80 pence 23 April 2024
Change of terms for Share Options and Performance Rights
The following changes have been made to the Options and Performance Rights of Atlantic's founder and former CEO, Mr Vincent Mascolo, who recently passed away. The Board has amended the expiry date of the unlisted Options and unlisted Performance Rights held by Mr Mascolo as detailed below. Mr Mascolo's Performance Rights have been deemed to have all conditions for vesting met.
Unlisted Options
Number of Options Strike Price Original Expiry Date Amended Expiry Date
4,500,000 12 pence 24 June 2022 31 December 2022
4,000,000 30 pence 18 August 2023 31 December 2022
5,000,000 40 pence 18 August 2023 31 December 2022
6,000,000 50 pence 18 August 2023 31 December 2022
Unlisted Performance Rights
Number of Maturity Original Expiry Date Amended Expiry Date
Performance Rights Price
450,000 30 pence 18 August 2023 31 December 2022
450,000 35 pence 18 August 2023 31 December 2022
450,000 40 pence 18 August 2023 31 December 2022
450,000 45 pence 18 August 2023 31 December 2022
450,000 50 pence 18 August 2023 31 December 2022
450,000 55 pence 18 August 2023 31 December 2022
450,000 60 pence 18 August 2023 31 December 2022
450,000 65 pence 18 August 2023 31 December 2022
1,000,000 70 pence 18 August 2023 31 December 2022
1,500,000 75 pence 18 August 2023 31 December 2022
2,000,000 GBP1.00 18 August 2023 31 December 2022
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:
ISSUE OF UNLISTED OPTIONS
1. | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name: | Neil Herbert |
2. | Reason for the notification | |
a) | Position/status: | Executive Chairman |
b) | Initial notification/Amendment: | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name: | Atlantic Lithium Limited |
b) | LEI: | 213800H1JY3J7BB6BN06 |
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. | |
a) | Description of the financial instrument, type of instrument: Identification code: | Unlisted options exercisable through to 23 April 2024. ISIN: AU0000XINEX3 |
b) | Nature of the transaction: | Grant of options over ordinary shares. |
c) | Price(s) and volume(s): | Price(s) Volume(s) |
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) |
e) | Date of the transaction: | 22 April 2022 |
f) | Place of the transaction: | Outside of a trading venue |
1. | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name: | Amanda Harsas |
2. | Reason for the notification | |
a) | Position/status: | Finance Director & Company Secretary |
b) | Initial notification/Amendment: | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name: | Atlantic Lithium Limited |
b) | LEI: | 213800H1JY3J7BB6BN06 |
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. | |
a) | Description of the financial instrument, type of instrument: Identification code: | Unlisted options exercisable through to 23 April 2024. ISIN: AU0000XINEX3 |
b) | Nature of the transaction: | Grant of options over ordinary shares. |
c) | Price(s) and volume(s): | Price(s) Volume(s) |
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) |
e) | Date of the transaction: | 22 April 2022 |
f) | Place of the transaction: | Outside of a trading venue |
1. | Details of the person discharging managerial responsibilities/person closely associated | |
a) | Name: | Stuart Crow |
2. | Reason for the notification | |
a) | Position/status: | Non-Executive Director |
b) | Initial notification/Amendment: | Initial notification |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name: | Atlantic Lithium Limited |
b) | LEI: | 213800H1JY3J7BB6BN06 |
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted. | |
a) | Description of the financial instrument, type of instrument: Identification code: | Unlisted options exercisable through to 23 April 2024. ISIN: AU0000XINEX3 |
b) | Nature of the transaction: | Grant of options over ordinary shares. |
c) | Price(s) and volume(s): | Price(s) Volume(s) |
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) |
e) | Date of the transaction: | 22 April 2022 |
f) | Place of the transaction: | Outside of a trading venue |
For any further information, please contact:
Atlantic Lithium Limited | Tel: +61 2 8072 0640 |
SP Angel Corporate Finance LLP | Tel: +44 (0)20 3470 0470 |
Canaccord Genuity Limited | Tel: +44 (0) 20 7523 4500 |
Liberum Capital Limited | Tel: +44 (0) 20 3100 2000 |
SI Capital Limited | Tel: +44 (0) 1483 413 500 |
Yellow Jersey PR Limited | Tel: +44 (0)20 3004 9512 |
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au
Atlantic Lithium (formerly "IronRidge Resources") is an AIM-listed lithium company advancing a portfolio of projects in Ghana and Côte d'Ivoire through to production.
The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium pegmatite discovery on track to become West Africa's first lithium producing mine. The project is fully funded to production under an agreement with Piedmont Lithium for US$102m and set to produce a premium lithium product. A robust update Scoping Study indicates Life of Mine revenues exceeding US$3.4bn.
Atlantic Lithium holds a 560km2 & 774km2 tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Atlantic Lithium Limited
View source version on accesswire.com:
https://www.accesswire.com/698430/Atlantic-Lithium-Limited-Announces-Board-Commitment-and-Issue-of-Options
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