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Li3 Energy, Inc., (OTCBB:LIEG) has agreed to the terms for the $10 million second tranche of funding with POSCO Canada Ltd. Upon closing, this completes the $18 million financial commitment made by POSCO in August 2011.
Li3 Energy, Inc., (OTCBB:LIEG) has agreed to the terms for the $10 million second tranche of funding with POSCO Canada Ltd. Upon closing, this completes the $18 million financial commitment made by POSCO in August 2011.
As quoted in the press release:
The key terms are contemplated to include:
- An investment to purchase $9.9 million of Units (with each Unit consisting of one share of common stock and a three-year warrant to purchase one share of common stock at an exercise price of $0.21) at a price of $0.16 per Unit;
- Li3 has agreed to reduced the strike price of the existing warrants issued to POSCAN from the initial $8 million investment (September 2011) from $0.40 to $0.21;
- In addition, Li3 will issue POSCAN warrants to purchase an aggregate of 5 million shares of common stock exercisable for a period of two years at an exercise price of $0.15 per share.
Click here to read the Li3 Energy, Inc. (OTCBB:LIEG) press release
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