Company also raises $1.1 million through warrant exercise solicitation
By Devika Patel
Knoxville, Tenn., June 15 - Li3 Energy, Inc. said it plans a $4.9 million private placement of units to fund its acquisition of a 60% interest in the Maricunga Project in northern Chile.
The company will sell units of one common share and one warrant at $0.27 apiece. Each warrant is exercisable at $0.40 for three years. The strike price is a 17.65% premium to the April 1 closing share price of C$0.34.
Gottbetter Capital Markets, LLC is the lead placement agent; Rodman & Renshaw, LLC is co-placement agent and LW Casa de Valores SA also participated. Pacific Road Capital Management will invest $2 million.
In addition, the company raised $1.1 million in cash warrant exercise fees as part of a private solicitation for holders to exercise warrants.
The lithium mining and energy company is based in Lima, Peru.
Issuer: | Li3 Energy, Inc.
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Issue: | Units of one common share and one warrant
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Amount: | $4.9 million
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Price: | $0.27
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | $0.40
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Agents: | Gottbetter Capital Markets, LLC, (lead), Rodman & Renshaw, LLC, LW Casa de Valores SA
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Investor: | Pacific Road Capital Management (for $2 million)
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Pricing date: | April 4
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Stock symbol: | OTCBB: LIEG
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Stock price: | $0.32 at close April 4
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Market capitalization: | $35.69 million
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