Third tranche includes 1,783,333 equity units priced at $0.15 apiece
By Devika Patel
Knoxville, Tenn., Feb. 18 - Li3 Energy, Inc. settled a third tranche of a private placement of units on Jan. 31, according to an 8-K filed Friday with the Securities and Exchange Commission. The company raised $1.42 million on Dec. 8 and Dec. 30 and $267,500 in the latest tranche.
The company sold 9,483,330 units at $0.15 apiece in the first and second tranches and 1,783,333 units in the third.
Each unit consists of one common share and one warrant. Each warrant is exercisable at $0.15 for five years. The strike price is a 37.5% discount to the Dec. 8 closing share price of $0.24.
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: | $1.69 million
|
| Units: | 11,266,663
|
| Price: | $0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.15
|
| Settlement date: | Dec. 8, Dec. 30 (for $1,422,500); Jan. 31 (for $267,500)
|
| Stock symbol: | OTCBB: LIEG
|
| Stock price: | $0.26 at close Dec. 8
|
| Market capitalization: | $37.25 million
|
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