By Devika Patel
Knoxville, Tenn., July 19 - Li3 Energy, Inc. raised $500,000 in a private placement of units on July 13, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $1 million on June 9.
The company sold 4 million units at $0.25 apiece in the first tranche and 2 million units in the second.
Each unit consists of one common share and one warrant. Each warrant is exercisable at $0.50 for five years. Subsequent to the closing of the first tranche, the company revised the terms of the warrants sold. The strike price was reduced to $0.50 from $0.70 and the term was extended to five years from 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: | $1.5 million
|
| Units: | 6 million
|
| Price: | $0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Settlement date: | June 9 (for $1 million), July 13 (for $500,000)
|
| Stock symbol: | OTCBB: LIEG
|
| Stock price: | $0.38 at close June 9
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