Last checked at 31 Jan 2023 07:00
31 January 2023
Notice of Extraordinary General Meeting
Proposed Grant of Options
Aligning the Board with Growing Shareholder Value
Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, ASX: A11 "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, announces that it is to hold an Extraordinary General Meeting ("EGM") at the office of HopgoodGanim Lawyers, Level 7, Waterfront Place, 1 Eagle Street, Brisbane QLD 4000 on Wednesday, 1st March 2023 at 9:00am (Brisbane time, Australia).
As part of the Company's ongoing review of the appropriateness of its remuneration and incentive arrangements, the Company's Nomination & Remuneration Committee recommended that the current executive and senior independent non-executive team's option entitlements be reviewed and the proposed that the unlisted options below be issued to Directors to ensure appropriate and aligned incentive packages are in place.
The use of options provides a mechanism to incentivise the Directors and align with the growth and development of the Company and its projects.
Issue of Share Options
Accordingly, the Company will issue the following unlisted options to directors:
Director Number of Strike Price Term to Expiry
Options
Mr Neil Herbert 2,000,000 60 pence Two years from date of issue
Mr Lennard Kolff 2,000,000 60 pence Two years from date of issue
Ms Amanda Harsas 2,000,000 60 pence Two years from date of issue
Mr Stuart Crow 1,000,000 60 pence Two years from date of issue
The EGM materials will be despatched to shareholders today. A copy of the EGM materials can be viewed via the following links:
Notice of Meeting & Explanatory Memorandum:
http://www.rns-pdf.londonstockexchange.com/rns/3304O_1-2023-1-30.pdf
A copy of the EGM materials can also be obtained via the Company's website https://www.atlanticlithium.com.au/gm-notices
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For any further information, please contact:
Atlantic Lithium Limited Neil Herbert (Executive Chairman) Amanda Harsas (Finance Director and Company Secretary) www.atlanticlithium.com.au IR@atlanticlithium.com.au | 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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Yellow Jersey PR Limited Charles Goodwin Bessie Elliot atlantic@yellowjerseypr.com
| Tel: +44 (0)20 3004 9512 |
Notes to Editors:
About Atlantic Lithium
www.atlanticlithium.com.au
Atlantic Lithium (formerly "IronRidge Resources") is an AIM and ASX-listed lithium company advancing a portfolio of lithium projects in Ghana and Côte d'Ivoire through to production.
The Company's flagship project, the Ewoyaa Project in Ghana, is a significant lithium spodumene pegmatite discovery on track to become Ghana's first lithium-producing mine. The Company signed a funding agreement with Piedmont Lithium Inc. for US$103m towards the development of the Ewoyaa Project. Based on the Pre-Feasibility Study, the Ewoyaa Project has indicated Life of Mine revenues exceeding US$4.84bn, producing a spodumene concentrate via simple gravity only process flowsheet.
Atlantic Lithium holds 560km2 & 774km2 of tenure across Ghana and Côte d'Ivoire respectively, comprising significantly under-explored, highly prospective licenses.