Bradda Head Lithium notes local Canada regulator withdraws trade order

(Alliance News) - Bradda Head Lithium Ltd on Friday said its principal regulator, the British Columbia Securities Commission in Canada, has withdrawn its management cease trade order previously made to the company in late June.

The North America-focused lithium development group said this is because it has successfully completed all requisite filings for its annual financial statements in the year ended February 28, alongside its interim financial statements for the quarter ended May 31.

Bradda Head said the withdrawal of the order means Denham Eke, finance director at Bradda Head, is no longer prevented from trading Bradda Head shares.

Shares in Bradda Head were up 5.3% to 4.00 pence each in London on Friday midday.

Two weeks ago, Bradda Head said its pretax loss widened in its financial 2023 but that it is "ideally positioned" going forward to benefit from the US government's focus on clean energy.

It reported a USD3.9 million pretax loss, widened from USD3.6 million the year before. It incurred and capitalised exploration costs of USD3.8 million from USD3.6 million the year, while general and administrative expenses increased to USD5.9 million from USD3.5 million.

Days later on Tuesday last week, Chief Executive Officer Charles FitzRoy stood down with immediate effect, with Chair Ian Stalker assuming the interim role of executive chair while the search for a new CEO begins immediately.

On Thursday last week, Bradda Head reported a pretax loss of USD1.1 million in the three months that ended May 31, widened from loss of USD120,089 the year before, and basic loss per share of USD0.278 compared to earnings per share of USD0.04.

By Greg Rosenvinge, Alliance News reporter

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