Last $0.02 USD
Change Today -0.0022 / -8.63%
Volume 10.7K
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As of 8:10 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

li3 energy inc (LIEG) Snapshot

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03/4/14 - $0.06
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li3 energy inc (LIEG) Details

Li3 Energy, Inc., an exploration stage company, focuses on the acquisition, exploration, and development of lithium and potassium brine properties in South America. The company primarily holds an interest in the Maricunga project covering approximately 1,888 hectares located in the northeast section of the Salar de Maricunga in Chile. It has strategic partnership agreement with POSCO Canada Ltd. The company was formerly known as NanoDynamics Holdings, Inc. and changed its name to Li3 Energy, Inc. in October 2009. Li3 Energy, Inc. was founded in 2005 and is based in Santiago, Chile.

7 Employees
Last Reported Date: 10/9/13
Founded in 2005

li3 energy inc (LIEG) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $250.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $282.0K
Compensation as of Fiscal Year 2013.

li3 energy inc (LIEG) Key Developments

Li3 Energy, Inc. Appoints Uong Chon as New Director

Li3 Energy, Inc. announced that the Board has appointed Dr. Uong Chon to the Board of the company as a designee by POSCO Canada Ltd. pursuant to an Investor Rights Agreement between the company and POSCAN, dated August 24, 2011. Dr. Chon was appointed to the Board of the company replacing Dr. Sung Won Lee. Dr. Chon has worked for Research Institute of Industrial Science and Technology since 1992. During the past few years, Dr. Chon has been leading the development of POSCO's Lithium Direct Extraction Technology and at this point in time, he is working for POSCO, the parent company of POSCAN. He has also served as a technical advisor in the field of energy resources and materials for Korea Evaluation Institute of Industrial Technology and Korea Energy Management Corporation, under the Ministry of Trade, Industry & Energy for the Republic Of Korea.

Li3 Energy Seeks Acquisitions

Li3 Energy, Inc. (OTCPK:LIEG) is looking for acquisition opportunities. Li3 aims to acquire, develop and commercialize a significant portfolio of lithium brine deposits in the Americas.

Li3 Energy, Inc. Announces Closing of its Financing

Li3 Energy, Inc. announced it has executed the financing with BBL SpA, raising $8 million for the advancement of the Maricunga Lithium/Potassium project, located in the Salar de Maricunga in Chile. BBL has acquired, by way of cash payment 51% of Minera Li Energy SpA, Li3's Chilean subsidiary and holder of the properties denominated as Litio 1-6 and Cocina 19-27. Li3 retains 49% ownership. The main considerations of the transaction are as follows: BBL made a contribution of $5.5 million into Minera Li. The use of these funds is intended for: Full and final payment of the Cocina 19-27 properties acquired by Li3 on April 16, 2013; Repayment of the $500,000 bridge loan made by BBL to Minera Li on November 4, 2013; Working capital of Minera Li. BBL made a cash payment of $1.5 million to Li3 to acquire a portion of its shares in Minera Li. Li3 will use these funds to pay current debt and working capital purposes. BBL and Li3 are fully committed to advance the Project to the stage of full permitting including environmental, social, and construction, and all studies related to the Project to international recognized standards. To this end, BBL has also committed to finance Li3's share of the exploration expenses until the Project Milestone is achieved. There are no specified limits to this financing and repayment will be due 24 months from the drawdown date and will be secured by Li3's shares in Minera Li. BBL has also committed to a $1 million payment to Li3 by the earlier of: completion of certain project milestones in the Maricunga Lithium/Potassium project or January 27, 2016. Finally, BBL will provide Li3 with a line of credit of $1.8 million as of April 1, 2014 until March 31, 2015. The credit facility allows Li3 to draw $100,000 during April 2014, and $200,000 per month thereafter, until the maximum $1.8 million is reached. The credit facility is to cover Li3's working capital as needed. Repayment terms of each drawdown will be 12 months from the drawdown date. The credit facility will be secured by Li3's shares in Minera Li.


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