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PROSPECT RESOURCES LIMITED — Remuneration Information 2021
Mar 7, 2021
65617_rns_2021-03-07_27a196d6-80ae-4729-bea4-06ab8f717c0d.pdf
Remuneration Information
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Company Update
African lithium developer, Prospect Resources Ltd (ASX: PSC, FRA:5E8) (“ Prospect ” or “ the Company ”) advises, the following updates:
Managing Director Remuneration
In accordance with ASX Listing Rule 3.16.4, the Prospect Board of Directors are pleased to announce the award of incentive options (” Options ”) to the Managing Director Mr Sam Hosack. Following the appointment of our Independent Chairman and additional non-executive Director, the Board has moved to reaffirm its focus on the development of the Arcadia project. The Options issued to Mr Hosack are linked to performance in attaining funding and successful operations from the Arcadia Project and the stated pathway to near term production, creating essential alignment with shareholders.
The issue of the Options is subject to shareholder approval which will be a sought at a General Meeting of shareholders on a date to be decided.
The material terms of the Options are as follows:
| Number of options | 6,000,000 |
|---|---|
| Exercise price (cents) | $0.26 (being 150% of the 5 day VWAP at the time the Board resolved to offer theOptions) |
| ExpiryDate | 3 February2025 |
| Vesting conditions | i. 2,000,000 options vest in 12 months from date of issue;ii. 2,000,000 options vest at FID (Final investment Decision) before end of 2021 forstage 1 of the Arcadia development, FID occurs after all elements of the projectare procured and sufficient capital is secured to fully fund the stage 1 project;andiii. 2,000,000 options vest with first on-spec product shipped within 18 months ofthe FID decisioniv. All options will vest immediately upon a change of control eventFor any vesting condition to be satisfied Mr Hosack must be engaged by theCompany at the point in time at which the vesting condition is satisfied. |
Appointment of Joint Company Secretaries
In accordance with ASX Listing Rule 3.16.1, the Company advises the appointment of Joint Company Secretaries Ian Goldberg and Lee Tamplin, effective immediately.
Mr Goldberg recently joined the Company as Chief Financial Officer (see ASX announcement dated 8 February 2021) and Mr Tamplin is an employee of the Automic Group and is currently Company Secretary for a number of ASX listed and unlisted public and private companies across a range of industries.
Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 405 524 960
Level 2, 33 Richardson Street, West Perth, WA 6005 | Email: [email protected]
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Further to these appointments, Mr Andrew Whitten will step down as Company Secretary of the Company effective immediately. The Board wishes to thank Mr Whitten for his services to the Company.
For the purpose of ASX Listing Rule 12.6, Mr Tamplin will be the person responsible for communications between the Company and ASX.
This release was authorised by the Board of Directors of Prospect Resources Ltd.
ENDS
For further information, please contact:
Nicholas Rathjen Head of Corporate Development [email protected]
About Prospect Resources Limited (ASX:PSC, FRA:5E8)
Prospect Resources Limited (ASX:PSC, FRA:5E8) is an ASX listed lithium company based in Perth with operations in Zimbabwe. Prospect’s flagship project is the Arcadia Lithium Project located on the outskirts of Harare in Zimbabwe. The Arcadia Lithium Project represents a globally significant hard rock lithium resource and is being rapidly developed by Prospect’s experienced team, focusing on near term production of high purity petalite and spodumene concentrates. Arcadia is one of the most advanced lithium projects globally, with a Definitive Feasibility Study, Offtake Partners secured and a clear pathway to production.
About Lithium
Lithium is a soft silvery-white metal which is highly reactive and does not occur in nature in its elemental form. In nature it occurs as compounds within hard rock deposits (such as Arcadia) and salt brines. Lithium and its chemical compounds have a wide range of industrial applications resulting in numerous chemical and technical uses. Lithium has the highest electrochemical potential of all metals, a key property in its role in lithium-ion batteries.
Caution Regarding Forward-Looking Information
This announcement may contain some references to forecasts, estimates, assumptions and other forward-looking statements. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions, it can give no assurance that they will be achieved. They may be affected by a variety of variables and changes in underlying assumptions that are subject to risk factors associated with the nature of the business, which could cause actual results to differ materially from those expressed herein. All references to dollars ($) and cents in this announcement are in United States currency, unless otherwise stated.
Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company’s securities.
Prospect Resources Limited | ACN 124 354 329 | W: prospectresources.com.au | Phone: +61 405 524 960
Level 2, 33 Richardson Street, West Perth, WA 6005 | Email: [email protected]
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