Corporate Update - Extension of Option Expiry
Updated : 13:01
13 June 2022
Corporate Update
Extension of Option Expiry
The Board of Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, "Atlantic Lithium" or the "Company"), the African focused lithium exploration and development company, wishes to advise a change of terms for the 12p Share Options expiring 24 June 2022. The Board has amended the expiry date of these unlisted 12p Share Options to 31 August 2022.
Unlisted Director Options
Number of Options Strike Price Original Expiry Date Amended Expiry Date
3,000,000 12 pence 24 June 2022 31 August 2022
Unlisted ESOP Options
Number of Options Strike Price Original Expiry Date Amended Expiry Date
7,000,000 12 pence 24 June 2022 31 August 2022
Related Party Note
The following options held by Persons Discharging Managerial Responsibilities ("PDMR") or Person Closely Associated ("PCA") with them are included in the Director and ESOP Options listed above:
PDMR / PCA | 12p Director Options | 12p ESOP Options | Original Expiry Date | Amended Expiry Date |
Melisa Kolff Van Oosterwijk* | Nil | 3,500,000 | 24 June 2022 | 31 August 2022 |
Kieran Daly | 750,000 | Nil | 24 June 2022 | 31 August 2022 |
Stuart Crow | 750,000 | Nil | 24 June 2022 | 31 August 2022 |
* Spouse of Lennard Alexander Kolff Van Oosterwijk, Interim Chief Executive Officer and Director of the Company.
The extension of the Director and ESOP Options as set out above to Melisa Kolff Van Oosterwijk, Kieran Daly and Stuart Crow are deemed to be a related party transaction under the AIM Rules for Companies as Kieran Daly and Stuart Crow are Directors of the Company and Melisa Kolff Van Oosterwijk is an associate of a Director of the Company.
Neil Herbert, Christelle van der Merwe and Amanda Harsas, being the independent Directors for the purposes of the extension of the expiry date of the Director and ESOP Options, having consulted with the Company's nominated adviser, SP Angel Corporate Finance LLP, consider the extension of the expiry date to be fair and reasonable insofar as the shareholders of the Company are concerned.
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: | Melisa Kolff Van Oosterwijk | ||||
2. | Reason for the notification | |||||
a) | Position/status: | PCA of Lennard Alexander Kolff Van Oosterwijk - Interim CEO / 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 31 August 2022. ISIN: AU0000XINEX3 | ||||
b) | Nature of the transaction: | Extension of expiry date of options over ordinary shares. | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 13 June 2022 | ||||
f) | Place of the transaction: | Outside of a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name: | Kieran Daly | ||||
2. | Reason for the notification | |||||
a) | Position/status: | Non-Executive Director | ||||
b) | Initial notification/Amendment: | Amendment | ||||
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 31 August 2022. ISIN: AU0000XINEX3 | ||||
b) | Nature of the transaction: | Extension of expiry date of options over ordinary shares. | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 13 June 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: | Amendment | ||||
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 31 August 2022. ISIN: AU0000XINEX3 | ||||
b) | Nature of the transaction: | Extension of expiry date of options over ordinary shares. | ||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 13 June 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) | Tel: +61 2 8072 0640
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SP Angel Corporate Finance LLP Nominated Adviser Jeff Keating Charlie Bouverat | Tel: +44 (0)20 3470 0470 | ||
Canaccord Genuity Limited Joint Company Broker Raj Khatri James Asensio Harry Rees |
Tel: +44 (0) 20 7523 4500
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Liberum Capital Limited Joint Company Broker Scott Mathieson Edward Thomas Kane Collings |
Tel: +44 (0) 20 3100 2000
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SI Capital Limited Joint Company Broker Nick Emerson Jon Levinson |
Tel: +44 (0) 1483 413 500 Tel: +44 (0) 207 871 4038 | ||
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Yellow Jersey PR Limited Henry Wilkinson Dominic Barretto James Lingfield | Tel: +44 (0)20 3004 9512 |
Notes to Editors:
About Atlantic Lithium
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, based on the updated Scoping Study dated 7 December 2021, indicating Life of Mine revenues exceeding US$3.4bn and set to produce a premium lithium product.
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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