By Devika Patel
Knoxville, Tenn., June 15 - Li3 Energy, Inc. settled a $1 million private placement of units on June 9, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 4 million units at $0.25 apiece.
Each unit consists of one common share and one warrant. Each warrant is exercisable at $0.70 for two years.
Proceeds will be used for exploration programs on the company's portfolio of lithium properties located on the Puna Plateau in Argentina and for general working capital purposes.
The lithium mining and energy company is based in Lima, Peru.
| Issuer: | Li3 Energy, Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $1 million
|
| Units: | 4 million
|
| Price: | $0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.70
|
| Settlement date: | June 9
|
| Stock symbol: | OTCBB: LIEG
|
| Stock price: | $0.38 at close June 9
|
| Market capitalization: | $27.5 million
|
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