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GLOBAL LITHIUM RESOURCES LIMITED — Director's Dealing 2021
Nov 15, 2021
64989_rns_2021-11-15_04d9fdbb-c8ce-42a1-9e6c-bf41d368810d.pdf
Director's Dealing
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PERFORMANCE RIGHTS MILESTONE MET
Global Lithium Resources Limited (“ Global Lithium ” or “ Company ”, ASX: GL1) is pleased to advise that the Tranche 3 milestone on performance rights ( Rights ) issued to directors has been met and as such these performance rights have vested.
The Company has on issue 5,000,000 performance rights, with the Tranche 3 performance milestone being the Company achieving a volume weighted average share price over 30 consecutive trading days of at least $0.40 by 31 December 2023 or earlier.
Tranche 1 performance rights are subject to the Company achieving between 15-25Mt of Inferred, Indicated and/or Measured resources at a minimum grade of 1.0% Li2O, reported in accordance with the JORC Code 2012 by 31 December 2022 or earlier.
Tranche 2 performance rights are subject to the Company achieving between 30-50Mt of Inferred, Indicated and/or Measured resources at a minimum grade of 1.0% Li2O reported in accordance with the JORC Code 2012 by 31 December 2023 or earlier.
The Company has the following Performance Rights on issue:
| Director | Tranche 1 & 2(Not Vested) | Tranche 3(Vested) | TotalRights |
|---|---|---|---|
| W Hazeldine | 666,667 | 333,333 | 1,000,000 |
| D Chen | 666,667 | 333,333 | 1,000,000 |
| J Wright | 2,000,000 | 1,000,000 | 3,000,000 |
| Total | 3,333,334 | 1,666,666 | 5,000,000 |
ENDS
Approved by the Board of Global Lithium Resources Limited.
For more information:
Jamie Wright Victoria Humphries Managing Director Media & Investor Relations [email protected] [email protected] +61 8 6103 7488 +61 (0) 431 151 676
About Global Lithium
Global Lithium Resources Limited (ASX:GL1, Global Lithium) is an emerging lithium exploration company with a primary focus on the 100%-owned Marble Bar Lithium Project (MBLP) in the Pilbara region of Western Australia.
Global Lithium has defined a maiden Inferred Mineral Resource of 10.5Mt @ 1.0% Li2O at its Archer deposit, confirming the MBLP as a significant new greenfields Lithium discovery.
| Directors | |
|---|---|
| Warrick Hazeldine | Non-Executive Chairman |
| Jamie Wright | Managing Director |
| Dr Dianmin Chen | Non-Executive Director |
| Capital Structure | |
| Shares on issue: | 151,579,181 fully paid ordinary shares (subject to completion of the Capital |
| Raising) | |
| Options on issue: | 4,780,614 options with an exercise price of $0.30 per option and an expiry |
| of 6 May 2025 | |
| Performance Rights: | 5,000,000 performance rights, subject to certain performance milestones |
Competent Persons Statement:
Information on historical exploration results and Mineral Resources presented in this Announcement, together with JORC Table 1 information, is contained in the Independent Geologists Report within the Company’s Prospectus dated 22 March 2021, which was released as an announcement on 4 May 2021.
The Company confirms that it is not aware of any new information or data that materially affects the information in the relevant market announcements, and that the form and context in which the Competent Persons findings are presented have not been materially modified from the original announcements.
Where the Company refers to Mineral Resources in this announcement (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not materially changed from the original announcement.