Li3 Energy seals $1.75 million units placement with $60,000 tranche

Fourth tranche includes 400,000 equity units priced at $0.15 apiece

By Devika Patel

Knoxville, Tenn., March 21 - Li3 Energy, Inc. settled a fourth and final tranche of a $1.75 million private placement of units on Feb. 23, according to an 8-K filed Monday with the Securities and Exchange Commission. The company raised $1.42 million on Dec. 8 and Dec. 30, $267,500 on Jan. 31 and $60,000 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. It sold 400,000 units in the final closing for a total of 11,666,663 units.

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:	$1.75 million
Units:	11,666,663
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), Feb. 23 (for $60,000)
Stock symbol:	OTCBB: LIEG
Stock price:	$0.26 at close Dec. 8
Market capitalization:	$41.27 million

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