Repricing and Extension of Share Options
Company reprices 8.35m share options downward to 1.5p and extends warrant exercise periods by two years.
- Share options repriced 8,350,000
- New exercise price £0.015 per share
- Previous exercise prices £0.06, £0.09, £0.105, £0.18 per share
- Share price on 2 April 2025 £0.0115
- Share warrants extended 1,818,182
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Bradda Head Lithium Ltd (AIM:BHL), the North America-focused lithium development group, announces the repricing of 8,350,000 outstanding share options ("Existing Options"); such Existing Options representing 2.14% of the Company's current issued share capital.
The repricing applies to Existing Options previously granted to certain Directors and Management of the Company pursuant to the Company's share option plan, as follows:
| Name | Issue date | Existing Options exercise price | Number |
|---|---|---|---|
| Promaco Limited* | Sep-21 | £0.090 | 1,250,000 |
| Piotr Schabik | Sep-21 | £0.090 | 250,000 |
| Promaco Limited* | Apr-22 | £0.180 | 3,000,000 |
| Alex Borrelli | Dec-22 | £0.105 | 500,000 |
| Euan Jenkins | Dec-22 | £0.105 | 500,000 |
| Promaco Limited* | Apr-23 | £0.060 | 1,000,000 |
| Joey Wilkins | Apr-23 | £0.060 | 1,500,000 |
| Piotr Schabik | Apr-23 | £0.060 | 250,000 |
| Ian Christianson | Apr-23 | £0.060 | 100,000 |
| Total options | 8,350,000 |
* Promaco Limited is a company owned by a trust of which Ian Stalker, Chair, is a beneficiary
The Existing Options will be repriced from various existing exercise prices of £0.06, £0.09, £0.105, and £0.18 per ordinary share to £0.015 (1.5 pence) per common share, being a premium of 30% to the closing share price on 2 April 2025 of £0.0115 (1.15 pence) and a premium of 7% to the 12 month VWAP. The repricing does not affect the Existing Options' current vesting schedules, if applicable, and does not extend the term of the Existing Options. The repricing is being taken in response to the current market challenges impacting the lithium sector, a resulting reduction in the Company's share price, and to better align with the recent share options granted to certain officers and directors at a price of £0.015 (1.5 pence). Whilst the Directors recognise the decline in the share price, they feel that incentivising Directors and Management is important, particularly recognising the reduced corporate overhead the Company is focused on.
In addition, the exercise periods of certain Share Options awarded during June 2021 and September 2021 have been extended for an additional period of 2 years, with the exercise period now being 7 years from grant date. Following the extension, a total of 15,000,000 Share Options have an exercise period up to June 2028, and a further 1,500,000 Share Options have an exercise period of September 2028.
Extension of Warrants Exercise Period
The Company has also extended the exercise period of Share Warrants awarded to Beaumont Cornish Limited, nominated advisor to the Company, for an additional period of 2 years. A total of 1,818,182 Share Warrants were awarded to Beaumont Cornish as part of the AIM listing in July 2021. The exercise period of these Share Warrants has been extended to 19 July 2028, but these remain exercisable at the original exercise price of £0.055 (5.5 pence).
| Bradda Head Lithium Limited | Beaumont Cornish | Panmure Liberum | Shard Capital | Tavistock |
| Company | Nomad | Joint Broker | Joint Broker | Investor Relations |
| Ian Stalker, Executive Chair Denham Eke, Finance Director | James Biddle / Roland Cornish | Rauf Munir | Damon Heath / Isabella Pierre | Nick Elwes / Josephine Clerkin |
| +44 1624 639 396 | +44 20 7628 3396 | +44 20 7886 2500 | +44 207 186 9927 | + 44 20 7920 3150 braddahead@tavistock.co.uk |
About Bradda Head Lithium Ltd.
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