Galan Lithium : Notification regarding unquoted securities - GLN

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

	Announcement Summary
only	Entity name
GALAN LITHIUM LIMITED
		Date of this announcement
		Friday February 25, 2022
		The +securities the subject of this notification are:
		Other
use	Total number of +securities to be issued/transferred
ASX +security
		code	Security description
		New class - code	Director Performance Rights
		to be confirmed
personalFor	Refer to next page for full details of the announcement

Total number of +securities to be

issued/transferred Issue date

9,000,000 25/02/2022

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 1 - Entity and announcement details

For personal use only

1.1 Name of entity

GALAN LITHIUM LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2	Registered number type	Registration number
ABN	87149349646
1.3	ASX issuer code
GLN

1. The announcement is New announcement
2. Date of this announcement

25/2/2022

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Part 2 - Issue details

2.1 The +securities the subject of this notification are: Other

For personal use only

Please specify

Director Performance Rights

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

does not have an existing ASX security code ("new class")

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

For personal use only

New +securities
ASX +security code		+Security description
New class - code to be confirmed		Director Performance Rights
+Security type		ISIN code
Other

Date the +securities the subject of this notification were issued

25/2/2022

Will all the +securities issued in this class rank equally in all respects from their issue date? Yes

Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued.

Please refer to GLN AGM Notice of Meeting dated 30 December 2021

https://wcsecure.weblink.com.au/pdf/GLN/02472237.pdf

Any other information the entity wishes to provide about the +securities the subject of this notification

The Performance Rights ('Rights') vesting conditions are: H 1 ¿ 1.2m Rights ¿ upon Galan's ASPM of $2.25

H 2 ¿ 1.2m Rights ¿ upon Galan's ASPM of $2.50 H 3 ¿ 1.2m Rights ¿ upon Galan's ASPM of $3.00 H 4 ¿ 2.7m Rights ¿ upon Galan's ASPM of $3.25 H 5 ¿ 2.7m Rights ¿ upon Galan¿s ASPM of $3.50

The hurdles are based on GLN's adjusted share price milestone (ASPM) of the Shares. The price target ascribed to the performance hurdles is the VWAP over 20 consecutive Trading Days on which Shares are traded in the 5 years from issue, adjusted to reflect various types of changes in Share issues/splits/consolidations, Share price, bonus issues, dividends/capital returns, cash/scrip/in specie distributions.

Once the relevant ASPM is reached, the corresponding Right vests and each vested Right gives the holder the option to formally subscribe for one Share, before the date that is 15 years from the date of issue of the Right. A Right will expire on the date that is 5 years from its date of issue.

Please provide any further information needed to understand the circumstances in which you are notifying the issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B

Issued to Galan Directors pursuant to receiving GLN shareholder approval at AGM held on 28 January 2022.

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Issue details

For personal use only

Number of +securities

9,000,000

Were the +securities issued for a cash consideration?

No

Please describe the consideration being provided for the +securities

Nil

Purpose of the issue

Other

Additional Details

Issue of Director Performance Rights approved by GLN shareholders at AGM held on 28 January 2022.

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