African lithium developer, Prospect Resources Limited has announced the award of incentives options to its Managing Director Mr Sam Hosack.
By Shantel T Chisango
The options issued to Mr Hosack are linked to achieving progress in the Arcadia Project and creating essential alignment with shareholders.
The number of options issued to Hosack is six million, with an exercising price of $0.26 ( being 150% of the 5-day Volume Weighted Average Price (VWAP) at the time the Board resolved to offer the Options), expiring 3 February 2025.
Furthermore, the company announced the appointment of Joint Company Secretaries Ian Goldberg and Lee Tamplin under Australian Stock Exchange (ASX) Listing Rule 3.16.1, with immediate effect.
Mr Tamplin was also put in charge of communications between the Company and ASX for ASX Listing Rule 12.6.
Further to these appointments, Mr Andrew Whitten the Company Secretary of the will step down with immediate effect.
Incentive Options are a corporate benefit that gives an employee the right to buy shares of company stock at a discounted price with the added benefit of possible tax breaks on the profit.
About Prospect Resources Limited
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.