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Bradda Head Lithium Ltd Announces Holding(s) in Company

Thursday, 23 March 2023 08:00 AM

Bradda Head Lithium Limited

BRITISH VIRGIN ISLANDS / ACCESSWIRE / March 23, 2023 / Bradda Head Lithium Ltd (AIM:BHL)(TSX-V:BHLI)(OTCQB:BHLIF), the North America-focused lithium development group, sets out the information below following receipt of two TR1 notifications:

Prior to 12 March 2023, the Electrification and Decarbonization AIE LP ("E&D") and Lithium Royalty Corp. ("LRC") held the following shares in Bradda Head:

- E&D held 28,400,000 shares
- LRC held 19,481,475 shares

On 12 March 2023, LRC transferred 19,481,475 shares to a new entity managed by Waratah Capital Advisors Ltd, Li Equities Investments LP ("Li Equities").

Following the transfer, the resulting shareholdings are:
- E&D holds 28,400,000 shares
- LRC holds no shares
- Li Equities holds 19,481,475 shares.

For further information please visit the Company's website: www.braddaheadltd.com.

This announcement contains inside information for the purposes of Article 7 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, this inside information is now considered to be in the public domain.

ENDS

Contact:

Bradda Head Lithium Limited

+44 (0) 1624 639 396

Charlie FitzRoy, CEO
Denham Eke, Finance Director

Beaumont Cornish (Nomad)
James Biddle/Roland Cornish

+44 20 7628 3396

Peterhouse (Joint Broker)

+44 207 469 0930

Charles Goodfellow
Duncan Vasey
Lucy Williams

Shard Capital (Joint Broker)

+44 207 186 9927

Damon Heath
Isabella Pierre

Red Cloud (North American Broker)

+1 416 803 3562

Joe Fars

Tavistock (PR)

+ 44 20 7920 3150

Nick Elwes
Adam Baynes

[email protected]

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 21.2 Mt at an average grade of 891 ppm Li and 3.5% K for a total of 100 kt LCE and an Inferred Mineral Resource of 73.3 Mt at an average grade of 694 ppm Li and 3.2% K for a total of 271 kt LCE. In the rest of the Basin Project SRK has estimated an Exploration Target of between 300 to 1,300 Mt of material grading between 600 to 850 ppm Li which is equivalent to a range of between 1 to 6 Mt 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, on the TSX Ventures exchange with a ticker of BHLI, and on the US OTCQB market with a ticker of BHLIF.

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", "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 SEDAR. 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.

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Bradda Head Lithium Limited

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

X

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Details of person subject to the notification obligation

Name

Waratah Capital Advisors Ltd.

City and country of registered office (if applicable)

Toronto, Canada

4. Full name of shareholder(s) (if different from 3.)

Name

Li Equities Investments LP and Electrification and Decarbonization AIE LP

City and country of registered office (if applicable)

Toronto, Canada

5. Date on which the threshold was crossed or reached:

12/03/2023

6. Date on which issuer notified (DD/MM/YYYY):

17/03/2023

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B)

Resulting situation on the date on which threshold was crossed or reached

12.26%

N/A

12.26%

47,881,475

Position of previous notification (if

applicable)

7.27%

N/A

7.27%

28,400,000

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

VGG154091083

47,881,475

N/A

12.26%

N/A

SUBTOTAL 8. A

47,881,475

12.26%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date

Exercise/
Conversion Period

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period

Physical or cash

Settlement

Number of voting rights

% of voting rights

N/A

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)

X

Name

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Electrification and Decarbonization AIE LP

7.27%

N/A

7.27%

Li Equities Investments LP

4.99%

N/A

4.99%

Waratah Advisors GP I Limited

0%

N/A

0%

Waratah Capital Advisors Ltd.

0%

N/A

0%

2401261 Ontario Inc.

0%

N/A

0%

10. In case of proxy voting, please identify:

Name of the proxy holder

N/A

The number and % of voting rights held

N/A

The date until which the voting rights will be held

N/A

11. Additional information

Waratah Advisors GP I Limited is the general partner of Electrification and Decarbonization AIE LP and Li Equities Investments LP and has delegated investment management to Waratah Capital Advisors Ltd. ("Waratah"), which is a wholly owned subsidiary of 2401261 Ontario Inc.

Holdings in items 7 and 8 of this document are consolidated for both Electrification and Decarbonization AIE LP ("E&D") and Li Equities Investments LP ("Li Equities"). Please refer to item 9 for a breakdown of holdings by entity. On March 12, 2023, the Bradda Head Lithium Limited shares previously held by Lithium Royalty Corp. ("LRC") were transferred to a new entity managed by Waratah, Li Equities. This form is being submitted solely for the acquisition of shares by Li Equities and not for the disposition by LRC. It should be read in conjunction with the TR-1 filed on the same date by Waratah on behalf of LRC and E&D.

Before the asset transfer on March 12, 2023, Waratah's position was as follows:

E&D held 28,400,000 shares of Bradda Head Lithium Limited.

LRC held 19,481,475 shares of Bradda Head Lithium Limited.

Li Equities did not hold any shares of Bradda Head Lithium Limited.

As a result of the asset transfer on March 12, 2023, Waratah's position is as follows:

E&D held 28,400,000 shares of Bradda Head Lithium Limited.

LRC did not hold any shares of Bradda Head Lithium Limited.

Li Equities held 19,481,475 shares of Bradda Head Lithium Limited.

This notification is being made pursuant to Regulation 25.3 of the issuer's articles of association and pursuant to DTR5.

Place of completion

Toronto, Canada

Date of completion

17/03/2023

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Bradda Head Lithium Limited

1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate)

Non-UK issuer

X

2. Reason for the notification (please mark the appropriate box or boxes with an "X")

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Details of person subject to the notification obligation

Name

Waratah Capital Advisors Ltd.

City and country of registered office (if applicable)

Toronto, Canada

4. Full name of shareholder(s) (if different from 3.)

Name

Lithium Royalty Corp. and Electrification and Decarbonization AIE LP

City and country of registered office (if applicable)

Toronto, Canada

5. Date on which the threshold was crossed or reached:

12/03/2023

6. Date on which issuer notified (DD/MM/YYYY):

17/03/2023

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights held in issuer (8.A + 8.B)

Resulting situation on the date on which threshold was crossed or reached

7.27%

N/A

7.27%

28,400,000

Position of previous notification (if

applicable)

12.26%

N/A

12.26%

47,881,475

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

Direct

(DTR5.1)

Indirect

(DTR5.2.1)

VGG154091083

28,400,000

N/A

7.27%

N/A

SUBTOTAL 8. A

28,400,000

7.27%

B 1: Financial Instruments according to DTR5.3.1R (1) (a)

Type of financial instrument

Expiration
date

Exercise/
Conversion Period

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period

Physical or cash

Settlement

Number of voting rights

% of voting rights

N/A

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an "X")

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary)

X

Name

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Electrification and Decarbonization AIE LP

7.27%

N/A

7.27%

Lithium Royalty Corp.

0%

N/A

0%

Waratah Advisors GP I Limited

0%

N/A

0%

Waratah Capital Advisors Ltd.

0%

N/A

0%

2401261 Ontario Inc.

0%

N/A

0%

10. In case of proxy voting, please identify:

Name of the proxy holder

N/A

The number and % of voting rights held

N/A

The date until which the voting rights will be held

N/A

11. Additional information

Waratah Advisors GP I Limited is the general partner of Electrification and Decarbonization AIE LP and has delegated investment management to Waratah Capital Advisors Ltd. ("Waratah"), which is a wholly owned subsidiary of 2401261 Ontario Inc.

Holdings in items 7 and 8 of this document were previously consolidated for both Electrification and Decarbonization AIE LP ("E&D") and Lithium Royalty Corp. ("LRC") Please refer to item 9 for a breakdown of holdings by entity. On March 12, 2023, LRC transferred its position in Bradda Head Lithium Limited to a new entity managed by Waratah, Li Equities Investments LP ("Li Equities"). This form is being submitted solely for the disposition of shares by LRC and not for the acquisition by Li Equities. It should be read in conjunction with the TR-1 filed on the same date by Waratah on behalf of Li Equities and E&D.

Before the asset transfer on March 12, 2023, Waratah's position was as follows:
E&D held 28,400,000 shares of Bradda Head Lithium Limited.
LRC held 19,481,475 shares of Bradda Head Lithium Limited.
Li Equities did not hold any shares of Bradda Head Lithium Limited.

As a result of the asset transfer on March 12, 2023, Waratah's position is as follows:
E&D held 28,400,000 shares of Bradda Head Lithium Limited.
LRC did not hold any shares of Bradda Head Lithium Limited.
Li Equities held 19,481,475 shares of Bradda Head Lithium Limited.

This notification is being made pursuant to Regulation 25.3 of the issuer's articles of association and pursuant to DTR5.

Place of completion

Toronto, Canada

Date of completion

17/03/2023

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.

SOURCE: Bradda Head Lithium Limited

Topic:
Regulatory
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