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viewBacanora Lithium Ltd

Grant of Options and Restricted Share Units

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RNS Number : 2434R
Bacanora Lithium PLC
28 October 2019
 

Bacanora Lithium plc / Index: AIM / Epic: BCN / Sector: Natural Resources

28 October 2019

Bacanora Lithium plc ("Bacanora" or the "Company")

Grant of Options and Restricted Share Units

 

Bacanora Lithium plc (AIM: BCN), the London traded lithium company, announces the grant of a total of 1,300,863 Options and 1,075,832 Restricted Share Units ("RSUs") under the Company's Long-Term Incentive Plans.  The Options and RSUs are being granted to Directors and Executive Management on the following basis.

 

The Options to acquire ordinary shares in the capital of the Company have been granted at a price of 33.25p, being the closing share price on 22 October 2019.  Such options vest as to 1/3 on the date of grant and an additional 1/3 on each of the first and second anniversaries of the date of grant and are exercisable for a period of three (3) years. The Options are being granted to Directors and Executive Management on the following basis

 

Name

Role

No of Options

Issue Price

Expiry Date

Mark Hohnen

Executive Chairman

151,439

£0.3325

27 October 2022

Peter Secker

CEO

205,800

£0.3325

27 October 2022

Janet Boyce

CFO

437,624

£0.3325

27 October 2022

Eric Carter

Sonora Project Manager

506,000

£0.3325

27 October 2022

 

The RSUs will vest three years from the date of grant, being 27 October 2022, and the related shares (or a cash alternative at the Company's discretion equal to the number of RSUs granted multiplied by the fair market value of the Bacanora ordinary shares on the vesting date) will be issued on that date.  The RSUs are being granted to Directors and Executive Management on the following basis

 

Name

Role

No of RSUs

Vesting Date

Mark Hohnen

Executive Chairman

204,970

27 October 2022

Peter Secker

CEO

278,546

27 October 2022

Janet Boyce

CFO

592,316

27 October 2022

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

**ENDS**

For further information please visit www.bacanoralithium.com or contact:

 

Bacanora Lithium plc

Peter Secker, CEO

Janet Blas, CFO

[email protected]

Cairn Financial Advisers LLP, Nomad

 

Sandy Jamieson / Liam Murray

 

+44 (0) 20 7213 0880

Citigroup Global Markets, Broker

Tom Reid / Patrick Evans / Matthew Kenney

+44 (0) 20 7986 4000

Canaccord Genuity, Broker

 

James Asensio

 

+44 (0) 20 7523 8000

St Brides Partners, Financial PR Adviser

Frank Buhagiar / Megan Dennison

+44 (0) 20 7236 1177

 

ABOUT BACANORA LITHIUM:

Bacanora owns ten mining concession areas covering approximately 100 thousand hectares in the northeast of Sonora State in Mexico. Seven of these ten mining concessions (the 'Sonora Lithium Project'1) were included in the Feasibility Study announced 12 December 2017.  The Company, through drilling and exploration work to date, has established a Measured plus Indicated Mineral Resource estimate of over 5 Mt (comprising 1.9Mt of Measured Resources and 3.1Mt of Indicated Resources) of LCE2 and an additional Inferred Mineral Resource of 3.7 Mt of LCE.  The Company's Feasibility Study has established Proven Mineral Reserves (in accordance with NI 43-101) of 1.67 Mt and Probable Mineral Reserves of 2.85 Mt LCE and confirmed the economics associated with becoming a 35,000 tpa lithium carbonate and 30,000 tpa SOP producer in Mexico.  In addition to the Sonora Lithium Project, the Company also has a 50% interest in the Zinnwald Lithium Project and the Falkenhain Licence in southern Saxony, Germany.  Each of the Zinnwald Lithium Project and the Falkenhain Licence are located in a granite hosted Sn/W/Li belt that has been mined historically for tin, tungsten and lithium at different times over the past 300 years. The strategic location of the Zinnwald Lithium Project and the Falkenhain Licence provides close geographical proximity to the German automotive and downstream lithium chemical industries.

 

1.     Sonora Lithium ltd ("SLL") is the operational holding company for the Sonora Lithium Project and owns 100% of the La Ventana concession. The La Ventana concession accounts for 88% of the mined ore feed in the Sonora Feasibility Study which covers the initial 19 years of the project mine life.  SLL is owned 77.5% by Bacanora and 22.5% by Ganfeng Lithium Ltd. SLL also owns 70% of the El Sauz and Fleur concessions, which are held by Mexilit S.A. de C.V. ('Mexilit').  

2.     LCE = lithium carbonate (Li2CO3) equivalent; determined by multiplying Li value in percent by 5.323 to get an equivalent Li2CO3 value in per cent. Use of LCE is to provide data comparable with industry reports and assumes complete conversion of lithium in clays with no recovery or process losses.

 

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1

Details of the person discharging managerial responsibilities/person closely associated

a.

Name

a)    Mark Hohnen

b)    Peter Secker

c)    Janet Boyce

d)    Eric Carter

2

Reason for notification


a.

Position/Status

a)    Executive Chairman

b)    CEO

c)    CFO

d)    Sonora Project Manager

b.

Initial notification/

Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a.

Name

Bacanora Lithium plc

b.

LEI

2138006JSN7VQUDINN66

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

Options and Restricted Share Units ("RSUs") over ordinary shares of 10p

GB00BD20C246

b.

Nature of the transaction

Grant of Options and RSUs

c.

Price(s) and volume(s)







Price(s) per share

Volume(s)


Options:

33.25 pence

 

 

RSUs:

n/a

a) 151,439

b) 205,800

c) 437,624

d) 506,000

a) 204,970

b) 278,546

c) 592,316



d.

Aggregated information

- Aggregated Volume

 

- Price

 

1,300,863 Options

1,075,832 RSUs

33.25 pence

e.

Date of the transaction

28 October 2019

f.

Place of the transaction

London AIM

 

IMPORTANT NOTICE

The contents of this announcement have been prepared by and are the sole responsibility of Bacanora.

 

The contents of this announcement have been approved solely for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000 by Citigroup Global Markets Limited, whose registered office is at Citigroup Centre, Canada Square, Canary Wharf, London, E14 5LB. Citigroup Global Markets Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, and Canaccord Genuity Limited, which is authorised and regulated by the Financial Conduct Authority, are each acting exclusively for Bacanora and no one else in connection with the Project, and will not regard any other person as their client in relation to the Project and will not be responsible to anyone other than Bacanora for providing the protections afforded to their respective clients, nor for providing advice in relation to the Project or the contents of this announcement or any transaction, arrangement or other matter referred to herein.

 

None of Citigroup Global Markets Limited, Canaccord Genuity Limited nor any of their respective subsidiary undertakings, affiliates or any of their respective partners, directors, officers, employees, advisers, agents or any other person accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy, completeness or fairness of the information or opinions in this announcement (or whether any information has been omitted from the announcement) or any other information relating to Bacanora, or any of their subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection with it. Each of Citigroup Global Markets and Canaccord Genuity, Broker (together, the "Banks") is acting exclusively for Bacanora and no one else in connection with any matter referred to in this announcement and will not be responsible to anyone other than Bacanora for providing the protections afforded to their respective clients nor for providing advice in relation to any matter referred to in this announcement. Neither the Banks nor any of their respective subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of the Banks in connection with this announcement, any statements contained herein or otherwise.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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Quick facts: Bacanora Lithium Ltd

Price: 31

Market: AIM
Market Cap: £69.12 m
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