Atlantic Lithium Limited Announces Corporate Update Change of terms for Share Options

Rhea-AI Summary

Atlantic Lithium Limited (AIM: ALL, ASX: A11, OTCQX: ALLIF) has announced a corporate update regarding changes to the terms of existing Share Options held by the Estate of its late founder, Vincent Mascolo. The Board has amended the expiry date of unlisted Options to match the original issuance dates. Specifically, 5,000,000 Options at 40 pence and 6,000,000 Options at 50 pence will now expire on August 18, 2023. This move aims to provide clarity and continuity following Mascolo's passing.

Positive

• Amendment of expiry date for Options aligns with original terms, providing stability.
• Company's Ewoyaa Project poised to generate significant revenues exceeding US$4.84 billion.

Negative

• None.

SYDNEY, AUSTRALIA / ACCESSWIRE / December 30, 2022 / Atlantic Lithium Limited (AIM:ALL)(ASX:A11)(OTCQX: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 the following changes of terms for existing Share Options ("Options").
The following changes have been made to the Options held by the Estate of Atlantic Lithium's founder and former CEO, Mr Vincent Mascolo, who passed away earlier this year. The Board has amended the expiry date of the unlisted Options held by the Estate of the late Mr Mascolo to the original expiry date the Options were issued to, as detailed below.

Unlisted Options

Number of Strike Price Original Amended New

Options Expiry Date Expiry Date Expiry Date

(RNS 22 April 2022)

5,000,000 40 pence 18 Aug 2023 31 Dec 2022 18 Aug 2023

6,000,000 50 pence 18 Aug 2023 31 Dec 2022 18 Aug 2023

For any further information, please contact:

Atlantic Lithium Limited Neil Herbert (Executive Chairman) Amanda Harsas (Finance Director and Company Secretary) www.atlanticlithium.com.au	Tel: +61 2 8072 0640
atlantic@yellowjerseypr.com
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
Liberum Capital Limited Joint Company Broker Scott Mathieson Edward Thomas Kane Collings	Tel: +44 (0) 20 3100 2000
Yellow Jersey PR Limited Henry Wilkinson Dominic Barretto Bessie Elliot	Tel: +44 (0)20 3004 9512

Notes to Editors:

About Atlantic Lithium

www.atlanticlithium.com.au

Atlantic Lithium is an AIM and ASX-listed lithium exploration and development company advancing a portfolio of lithium projects and licenses 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.

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 rns@lseg.com or visit www.rns.com.

SOURCE: Atlantic Lithium Limited

View source version on accesswire.com:
https://www.accesswire.com/733630/Atlantic-Lithium-Limited-Announces-Corporate-Update-Change-of-terms-for-Share-Options

FAQ

What changes were made to Atlantic Lithium's share options?

Atlantic Lithium amended the expiry date of unlisted share options held by the Estate of its late founder to the original expiry date, specifically August 18, 2023.

What is the significance of the Ewoyaa Project for Atlantic Lithium (ALLIF)?

The Ewoyaa Project is expected to generate over US$4.84 billion in revenues, marking it as a key asset for Atlantic Lithium.

Who was Vincent Mascolo in relation to Atlantic Lithium?

Vincent Mascolo was the founder and former CEO of Atlantic Lithium, whose passing led to the recent changes in share options.

What is the stock symbol for Atlantic Lithium?

The stock symbol for Atlantic Lithium is ALLIF on OTCQX.