Board Commitment and Issue of Options

RNS Number : 9896I

Atlantic Lithium Limited

22 April 2022

 

22 April 2022

Corporate Update

 Expanding the Executive Team

Further Aligning the Board with Growing Shareholder Value

Atlantic Lithium Limited (AIM: ALL, OTC: 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 Herbert

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) 70p 75p   80p 3,000,000 3,000,000 2,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 70p 75p 80p 3,000,000 3,000,000 2,000,000
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) 70p 75p   80p 3,000,000 3,000,000 2,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 70p 75p 80p 3,000,000 3,000,000 2,000,000
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) 70p 75p   80p 2,000,000 2,000,000 1,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 70p 75p 80p 2,000,000 2,000,000 1,000,000
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 Neil Herbert (Executive Chairman) Amanda Harsas (Finance Director and Company Secretary) www.atlanticlithium.com.au	Tel:  [phone]
[e-mail]
SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat	Tel: [phone]
Canaccord Genuity Limited Joint Company Broker Raj Khatri James Asensio Harry Rees	Tel: [phone]
Liberum Capital Limited Joint Company Broker Scott Mathieson Edward Thomas Kane Collings	Tel: [phone]
SI Capital Limited Joint Company Broker Nick Emerson Jon Levinson	Tel: [phone] Tel: [phone]
Yellow Jersey PR Limited Henry Wilkinson Dominic Barretto James Lingfield	Tel: [phone]

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.

 

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