Corporate Update - Issue of Equity / PCA Dealings

RNS Number : 8882Z

Atlantic Lithium Limited

19 September 2022

 

19 September 2022

Corporate Update

Issue of Equity - Exercise of Unlisted Options

PDMR / PCA Dealings

The Board of Atlantic Lithium Limited (AIM: ALL, OTC: ALLIF, "Atlantic Lithium" or the "Company"), the funded African-focussed lithium exploration and development company targeting to deliver Ghana's first lithium mine, wishes to advise of the allotment and issue of 15,500,000 new ordinary shares of no par value each in the Company ("Ordinary Shares") as a result of the exercise of unlisted options for a total consideration of £2,580,000 (A$4,469,534) . Details of the exercised options are:

Number of Options  Strike Price  Grant Date    Expiry date

4,500,000  12 pence  24 June 2020  31 December 2022

7,000,000  12 pence  24 June 2020  30 September 2022

4,000,000  30 pence  17 August 2021  31 December 2022

On 31 August 2022, 2,250,000 12p unlisted options held by directors and former directors, lapsed and were not exercised. Following this lapse and the exercise of unlisted options above, there are no 12p options on issue.

Application will be made for the 15,500,000 new Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on or around 26 September 2022 ("Admission").

On Admission of the 15,500,000 new Ordinary Shares to trading, the issued share capital of the Company will comprise 605,741,660 Ordinary Shares.  When calculating voting rights, shareholders should use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

PDMR / PCA Dealings

Of the total allotment above, a PCA of Lennard Kolff van Oosterwijk ("Mr Kolff"), Interim CEO and director of the Company, acquired 3,500,000 new Ordinary Shares at a price of 12p each as a result of exercise of unlisted options for a total consideration of £420,000.

As part of the sell-down relating to the Company's Australian Securities Exchange dual listing offer (RNS dated 15 August 2022) a person closely associated with Mr Kolff agreed to sell 2,850,000 shares. Mr Kolff remains committed to the continuing growth and success of the Company. Following the sale, Mr Kolff maintains the following interests in the Company:

Ordinary Shares

 An interest in 3,007,344 ordinary shares representing 0.50% of the issued share capital of the Company.

Unlisted Options

 An interest in a total of 12,000,000 unlisted options in the Company:

Ø 3,000,000 unlisted options exercisable at 30p each through to 18 August 2023;

Ø 4,000,000 unlisted options exercisable at 40p each through to 18 August 2023; and

Ø 5,000,000 unlisted options exercisable at 50p each through to 18 August 2023.

Unlisted Performance Rights

 An interest in a total of 2,700,000 unlisted performance rights in the Company:

Ø 225,000 unlisted performance rights exercisable at 60p expiring on 18 August 2023;

Ø 225,000 unlisted performance rights exercisable at 65p expiring on 18 August 2023;

Ø 500,000 unlisted performance rights exercisable at 70p expiring on 18 August 2023;

Ø 750,000 unlisted performance rights exercisable at 75p expiring on 18 August 2023; and

Ø 1,000,000 unlisted performance rights exercisable at £1.00 expiring on 18 August 2023.

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.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

TABLE 1 - ISSUE OF ORDINARY SHARES

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 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.	1.  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:	Ordinary Shares of no par value ISIN: AU0000XINEX3
b)	Nature of the transaction:	Exercise of Unlisted Options / Issue of Equity
c)	Price(s) and volume(s):	Price(s) Volume(s) 12p 3,500,000
d)	Aggregated information: 2.  Aggregated volume: 3.  Price:	Single transaction as in 4 c) above  Price(s) Volume(s) 12p 3,500,000
e)	Date of the transaction:	19 September 2022
f)	Place of the transaction:	Outside of a trading venue

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

TABLE 1 - ISSUE OF ORDINARY SHARES

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 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.	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:	Ordinary Shares of no par value ISIN: AU0000XINEX3
b)	Nature of the transaction:	Sale of Ordinary Shares
c)	Price(s) and volume(s):	Price(s) Volume(s) A$0.58 2,850,000
d)	Aggregated information: 5.  Aggregated volume: 6.  Price:	Single transaction as in 4 c) above  Price(s) Volume(s) A$0.58 (A$1,653,000) 2,850,000
e)	Date of the transaction:	19 September 2022
f)	Place of the transaction:	Outside of a trading venue

For any further information, please contact:

Atlantic Lithium Limited Neil Herbert (Chairperson) Amanda Harsas (Finance Director and Company Secretary) www.atlanticlithium.com.au [e-mail]	Tel:  [phone]
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 Ghana's first lithium producing mine. The project is funded under an agreement with Piedmont Lithium for US$103m 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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