Highlights
- Highly experienced mining executive,
Ken Brinsden , to transition from Non-Executive Chair to CEO / President / Managing Director residing inMontreal, Quebec Pierre Boivin (Quebec resident) to step into the role of Non-Executive Chair from Non-Executive Director- Current CEO / President,
Blair Way , to move into the COO (Chief Operating Officer) role, retaining his Executive Board position - The Board and Management changes to come into effect from 24th January, 2024
- The changes have been made with the intention to increase Patriot's senior leadership presence within
Quebec , as theCompany's Corvette Project enters and moves through the development phase.
With exploration to date at Corvette demonstrating a scale that is material to the future development of the North American lithium raw materials and chemicals supply chain, the Company has decided to further bolster its
I want to see the Company grow from strength-to-strength and I have no doubt that under the leadership of Pierre and Ken, being based in
I'd also like to take this opportunity to express my gratitude to Blair and the important contribution he has made so far to the Company. From consolidating the impressive land package Patriot currently boasts, raising the initial capital to fund the drill programs, facilitating the investment from Albemarle and driving the discovery of the America's largest Spodumene lithium deposit, he has been a major asset for the company and will continue to be a positive driving force for Patriot as he takes on the responsibilities of COO."
A summary of the material terms of
The Company also announces it has entered into agreements to grant an aggregate of 1,348,016 stock options (the "Options") and an aggregate of 20,085 Deferred Shares Units (the "DSUs") to certain Company directors (collectively, the "Plan Awards").
Pursuant to the rules of the Australian Securities Exchange ("ASX"), the grant of the Plan Awards are subject to approval by a simple majority of shareholders at the next meeting of the Company's shareholders.
The Plan Awards are governed by the terms of the Company's Omnibus Equity Incentive Plan approved by shareholders of the Company on
Further details of the Plan Awards subject of the proposed grant are set out in the Appendix to this announcement. A copy of the terms of the Omnibus Plan is available under the Company's profile at www.sedarplus.ca.
Pierre has been repeatedly recognized over the years as a leading Canadian lawyer in various fields and publications such as Who's Who Legal Canada in the mining sector, in the Canadian Legal Lexpert Directory in the mining, energy (electricity), oil and gas and corporate mid-market sectors as well as in the Lexpert Special Editions of Leading Canadian Lawyers in the fields of Global Mining, Cross-Border Corporate, Infrastructure as well as Energy. Acritas Stars and
1 The CV5 mineral resource estimate (109.2 Mt at 1.42% Li2O and 160 ppm Ta2O5 inferred) is reported at a cut-off grade of 0.40% Li2O with effective date of
For further information, please contact us at info@patriotbatterymetals.com or by calling +1 (604) 279-8709, or visit www.patriotbatterymetals.com. Please also refer to the Company's continuous disclosure filings, available under its profile at www.sedarplus.ca and www.asx.com.au, for available exploration data.
On Behalf of the Board of Directors,
"
This news release contains "forward-looking information" or "forward-looking statements" within the meaning of applicable securities laws and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. In particular and without limitation, this news release contains forward-looking statements pertaining to the Company's plans with respect to incentive compensation awarded to certain of its directors.
There can be no assurance that such information or statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the ability of the Company provide an updated mineral resource estimate within the time frames indicated and other risks detailed from time to time in the filings made by the Company with securities regulators, available at www.sedarplus.ca and www.asx.com.au.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
No securities regulatory authority or stock exchange, including the
APPENDIX
1.
In accordance with ASX Listing Rule 3.16.4, a summary of the key terms of Mr
Term and termination | |
Total fixed remuneration – Base salary | |
Variable or 'at risk' remuneration – Short term incentive (STI) | |
Variable or 'at risk' remuneration – Long term incentive (LTI) | |
Payments on termination | If the Company terminates • pay accrued components of the total fixed remuneration, an amount in lieu of unused vacation time and an amount representing the applicable STI plan cash bonus for the year as pro-rated for the days worked until termination; • pay an amount in lieu of notice equal to 100% of the annual total fixed remuneration, an amount representing an indemnity for loss of STI plan bonuses for 12 months equal to 100% of the annual total fixed remuneration multiplied by two; and • grant that number of common shares issuable under any outstanding but unvested LTI plan grants as multiplied by the percentage of the vesting period of such LTI plan awards representing the period between the date of their grant and the termination date. If the Company terminates |
Payment on change of control | If a change of control occurs in respect of the Company, |
2. DETAILS OF PLAN AWARDS TO BE GRANTED TO DIRECTORS
The Company intends to grant the Plan Awards set out below, subject to receipt of shareholder approval in accordance with ASX Listing Rule 10.14.
- 450,000 Options, each exercisable to acquire one common share of the Company at an exercise price of
$9.78 CAD on or beforeJanuary 24, 2029 (CEO Tranche 1 Options). The CEO Tranche 1 Options are being granted under the Omnibus Plan in full and final satisfaction of prior agreement to join Patriot as Non-Executive Chair in 2022 and will vest in equal one-third parts on the 1st, 2nd and 3rd anniversaries ofJanuary 24, 2024 . - 7,764 DSUs vesting on
January 24 , 2025.The DSU's are being granted under the Omnibus Plan and represent DSUs attributable toMr Brinsden's annual salary up to the financial year end prior to the commencement of the new executive services agreement, being pro-rated for 10 months. - 450,000 Options, each exercisable to acquire one common share of the Company at a price per common share equal to the greater of (i) the closing price of the Company's common shares on the
TSX Venture Exchange onJanuary 24, 2024 and (ii) the five day volume weighted average trading price of the Company's common shares inCanada beginning onJanuary 25, 2024 , multiplied by 1.15, and expiring onJanuary 24, 2029 (CEO Tranche 2 Options). The CEO Tranche 2 Options are being granted under the Omnibus Plan as a signing bonus in connection withMr Brinsden's transition to CEO, President and Managing Director and will vest in equal one-third parts on the 1st, 2nd and 3rd anniversaries ofJanuary 24, 2024 .
- 104,008 Options, each exercisable to acquire one common share of the Company at an exercise price of
$9.78 CAD and expiring onJanuary 24, 2029 (Chair Tranche 1 Options). The Chair Tranche 1 Options are being granted under the Omnibus Plan in recognition of previous services rendered byMr Boivin during his tenure as a Non-Executive Director and if approved, will vest in equal one-third parts on the 1st, 2nd and 3rd anniversaries ofJanuary 24, 2024 . - 4,245 DSUs vesting on
January 24, 2025 . The DSU's are being granted under the Omnibus Plan and represent DSUs attributable toMr Boivin's annual salary up to the financial year end as Non-Executive Director as well as certain DSUs attributable to that portion of the financial year occurring duringMr Boivin's tenure as Non-Executive Chair. - 240,000 Options, each exercisable to acquire one common share of the Company, at a price per common share equal to the greater of (i) the closing price of the Company's common shares on the
TSX Venture Exchange onJanuary 24, 2024 and (ii) the five day volume weighted average trading price of the Company's common shares inCanada beginning onJanuary 25, 2024 , multiplied by 1.15, and expiring onJanuary 24, 2029 (Chair Tranche 2 Options). The Chair Tranche 2 Options are being granted under the Omnibus Plan as a signing bonus in connection withMr Boivin's transition to Non-Executive Chair and will vest in equal one-third parts on the 1st, 2nd and 3rd anniversaries ofJanuary 24, 2024 .
- 104,008 Options, each exercisable to acquire one common share of the Company at an exercise price of
$9.78 CAD and expiring onJanuary 24, 2029 (Director Tranche 1 Options). The Director Tranche 1 Options are being granted under the Omnibus Plan as a signing bonus in connection withMs Desrochers appointment to the Board and if approved, will vest in equal one-third parts on the 1st, 2nd and 3rd anniversaries ofJanuary 24, 2024 . - 4,038 DSUs vesting on
January 24, 2025 . The DSU's are being granted under the Omnibus Plan and represent DSUs attributable toMs Desrochers' annual salary up to the financial year end as an Executive Director.
- 4,038 DSUs vesting on
January 24, 2025 . The DSU's are being granted under the Omnibus Plan and represent DSUs attributable toMr Jenning's annual salary up to the financial year end as an Executive Director.
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