By Devika Patel
Knoxville, Tenn., Dec. 14 - Li3 Energy, Inc. settled a $2.59 million private placement of units on Nov. 17, according to an 8-K filed Monday with the Securities and Exchange Commission. Gottbetter Capital Market, LLC was the agent.
The company sold 10.34 million units at $0.25 apiece. Each unit consists of one common share and two half-share warrants. Each whole A warrant is exercisable at $0.50 for five years. Each whole B warrant is exercisable at $1.00 for five years.
Proceeds will be used to purchase lithium mining opportunities in North and South America.
The lithium mining and energy company is based in Lima, Peru.
| Issuer: | Li3 Energy, Inc.
|
| Issue: | Units of one common share and two half-share warrants
|
| Amount: | $2,585,000
|
| Units: | 10.34 million
|
| Price: | $0.25
|
| Warrants: | Two half-share warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50 (A warrants), $1.00 (B warrants)
|
| Agent: | Gottbetter Capital Market, LLC
|
| Announcement date: | Dec. 14
|
| Settlement date: | Nov. 17
|
| Stock symbol: | OTCBB: LIEG
|
| Stock price: | $0.62 at close Dec. 14
|
| Market capitalization: | $75.1 million
|
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