REG - Bradda Head Lithium - Settlement Agreement over Fraudulent payment

Bradda Head LithiumAnnouncement

20/05/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240520:nRST9997Oa&default-theme=true

RNS Number : 9997O  Bradda Head Lithium Ltd  20 May 2024

 

 

 

20 May 2024

 

Bradda Head Lithium Ltd

("Bradda Head", "BHL" or the "Company")

 

Bradda Head Reaches Settlement Agreement over Fraudulent payment

 

Bradda Head Lithium Ltd (AIM:BHL, TSX-V:BHLI), the North America-focused
lithium development group, is pleased to announce that it has come to a
settlement regarding the fraudulent payment first notified on 29 March 2022
and subsequently disclosed in the audited financial statements for the years
ending February 2022 and February 2023.

 

Bradda Head has signed a settlement agreement ("Agreement") pursuant to which
it will be partially reimbursed for the fraudulent funds transfer. The partial
settlement is consistent with Company's expectations at the time of initiating
enforcement proceedings with gross recovery of approximately 40% of total
misappropriated funds. Bradda Head confirms that the Agreement provides for no
admission of liability by either party involved and the full commercial terms
of the settlement are subject to strict confidentiality obligations on both
parties so it will not be making any further comment on this matter.

 

Bradda Head is pleased that this matter is now settled and closed, with full
attention focused on completing the ongoing Basin Project drilling programme,
with an update provided on 17 April 2024.

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU No. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS
SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.

 

For further information please visit the Company's
website: www.braddaheadltd.com (http://www.braddaheadltd.com/) .

 

 

ENDS

 

 

Contact:

 

 Bradda Head Lithium Limited        +44 (0) 1624 639 396
 Ian Stalker, Executive Chairman

 Denham Eke, Finance Director

 Beaumont Cornish (Nomad)           +44 (0) 2076 283 396
 James Biddle / Roland Cornish

 Panmure Gordon (Joint Broker)      +44 (0) 2078 862 500
 Hugh Rich

 Shard Capital (Joint Broker)       +44 (0) 2071 869 927
 Damon Heath / Isabella Pierre

 Red Cloud (North American Broker)  +1 416 803 3562
 Joe Fars

 Tavistock (Financial PR)           + 44 20 7920 3150
 Nick Elwes / Adam Baynes           braddahead@tavistock.co.uk

 

About Bradda Head Lithium Ltd.

Bradda Head Lithium Ltd. is a North America-focused lithium development
group. The Company currently has interests in a variety of projects, the most
advanced of which are in Central and Western Arizona: The Basin
Project (Basin East Project, and the Basin West Project) and the Wikieup
Project.

 

The Basin East Project has an Indicated Mineral Resource of 17 Mt at an
average grade of 940 ppm Li and 3.4% K for a total of 85 kt LCE and an
Inferred Mineral Resource of 210 Mt at an average grade of 900 ppm Li and
2.8% K (potassium) for a total of 1.09 Mt LCE. In the rest of the Basin
Project SRK has determined an Exploration Target of 250 to 830 Mt of material
grading between 750 to 900 ppm Li, which is equivalent to a range of between 1
to 4 Mt contained LCE. The Group intends to continue to develop its three
phase one projects in Arizona, whilst endeavouring to unlock value at its
other prospective pegmatite and brine assets in Arizona, Nevada,
and Pennsylvania. All of Bradda Head's licences are held on a 100% equity
basis and are in close proximity to the required infrastructure. Bradda Head
is quoted on the AIM of the London Stock Exchange with the ticker of BHL and
on the TSX Venture Exchange with a ticker of BHLI.

 

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release. This News Release
includes certain "forward-looking statements" which are not comprised of
historical facts. Forward-looking statements include estimates and statements
that describe the Company's future plans, objectives or goals, including words
to the effect that the Company or management expects a stated condition or
result to occur. Forward-looking statements may be identified by such terms as
"believes", "anticipates", "intends to", "expects", "estimates", "may",
"could", "would", "will", or "plan". Since forward-looking statements are
based on assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although these
statements are based on information currently available to the Company, the
Company provides no assurance that actual results will meet management's
expectations. Risks, uncertainties, and other factors involved with
forward-looking information could cause actual events, results, performance,
prospects, and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward looking information in
this news release includes, but is not limited to, following: The Company's
objectives, goals, or future plans. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not
limited to: failure to identify mineral resources; failure to convert
estimated mineral resources to reserves; delays in obtaining or failures to
obtain required regulatory, governmental, environmental or other project
approvals; political risks; future operating and capital costs, timelines,
permit timelines, the market and future price of and demand for lithium, and
the ongoing ability to work cooperatively with stakeholders, including the
local levels of government; uncertainties relating to the availability and
costs of financing needed in the future; changes in equity markets, inflation,
changes in exchange rates, fluctuations in commodity prices; delays in the
development of projects, capital and operating costs varying significantly
from estimates; an inability to predict and counteract the effects of COVID-19
on the business of the Company, including but not limited to the effects of
COVID-19 on the price of commodities, capital market conditions, restriction
on labour and international travel and supply chains; and the other risks
involved in the mineral exploration and development industry, and those risks
set out in the Company's public documents filed on SEDARplus. Although the
Company believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that such events
will occur in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than
as required by law.

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSFSFDAELSESI