Welcome!

News Feed Item

Li3 Energy Receives Additional $1.6mm Payment

The funds will be used to achieve a debt-free balance sheet and brings the total cash raised to $9.6mm

SANTIAGO, Chile, March 4, 2014 /PRNewswire/ -- Li3 Energy, Inc., (OTCBB: LIEG –News) ("Li3", "Li3 Energy" or the "Company"), a US-listed and South America based global exploration company in the lithium and minerals sector, is pleased to announce it has secured the additional $1.6mm in payment from BBL SpA ("BBL"), under the original agreement dated January 27, 2014. 

Li3 executed an agreement (the "Additional Transaction") with Tierras Raras SpA ("Tierras Raras"), a Chilean corporation and affiliate to BBL, on January 27, 2014, whereas:

  • Li3 agreed to end all litigation against the 40% shareholders of the Litio 1-6 properties and acknowledges that the payment of $1.6mm as full and final settlement against Li3's previous claims of approximately $2.3mm in unpaid contributions for the exploration and development of the Litio 1-6 properties.
  • Tierras Raras, now owns the above-mentioned 40% shareholding in Litio 1-6 properties.
  • Minera Li3 continues to own 60% of the shares of various companies that collectively own the rights to the Litio 1-6 properties. 

Patrick Cussen, Chairman of the Board of Li3 Energy stated, "We are pleased to successfully complete the financing and continue to move forward, advancing the Maricunga lithium project unencumbered and according to our plan.  It is important that now all the properties in the Maricunga project are owned by Li3 and our strategic partners, therefore ensuring the common interests of all parties."

"This anticipated payment of $1.6M has allowed us to prepay the LW Convertible Loan at a discount to the balance of $2M, as well as another bridge loan of $0.5mm, both due March 31, 2014." stated Luis Saenz CEO of Li3 Energy.  "As a result of this transaction, Li3 has significantly improved the Company's balance sheet, which is one more important step in keeping Li3 moving in the right direction in 2014."

To date, Li3 Energy has raised $9.6 million in cash for working capital and debt payments and has established a line of credit of $1.8 million, which will be available April 1, 2014 to be used on an as-needed basis, as well as a commitment from BBL to fully fund the Maricunga project though the obtainment of all permits for production.

Additional news in the lithium industry

Saenz also commented about various recent news in the lithium market in Chile and internationally:

"We are very encouraged by the latest market events.  In a recent news article in a Chilean financial paper, the Mining Undersecretary Francisco Orrego once again stated that the Chilean government needs to make the changes necessary to attract new entrants for the production of lithium in Chile.  I am sure these recommendations will not fall on deaf ears in the new administration in March.  Additionally, with the announcement of Tesla to build a major lithium-ion battery factory in the United States to supply its vehicles, it is clear, the time for rapid growth in the lithium market is coming quickly.  We look forward to advancing Maricunga in this new optimistic environment."

To read the La Tercera Opinion by Francisco Orrego click here: 
http://www.latercera.com/noticia/opinion/ideas-y-debates/2014/02/895-564007-9-litio-un-liderazgo-en-jaque.shtml

To read about Tesla's plans to build a lithium ion battery Gigafactory click here: http://www.teslamotors.com/blog/gigafactory

About Li3 Energy, Inc.

Li3 Energy, Inc. is an exploration stage public company in the lithium mining and energy sector.  Li3 aims to acquire, develop and commercialize a significant portfolio of lithium brine deposits in the Americas.  With its  interest in the Maricunga Project, coupled with the completion of the NI 43–101 Compliant Measured Resource Report and the recently Cocina acquisition, Li3's goals are to: a) advance Maricunga to the Feasibility Stage; b) support the global implementation of clean and green energy initiatives; c) meet growing lithium market demand; and d) become a mid-tier, low cost supplier of lithium, potassium nitrate, iodine and other strategic minerals, serving global clients in the energy, fertilizer and specialty chemical industries.  Additional information regarding the Company can be found in its recent filings with the Securities and Exchange Commission ("SEC") as well as the information maintained on our website www.li3energy.com

Forward-Looking Statements

Any statements contained herein which are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements identified by or containing words like "believes," "expects," "anticipates," "intends," "estimates," "projects," "potential," "target," "goal," "plans," "objective," "should", or similar expressions.  The Company gives no assurances the assumptions upon which such forward-looking statements are based will prove correct.  Forward-looking statements involve risks, uncertainties and assumptions, and are based on information currently available to us.  Actual results may differ materially from those expressed herein due to many factors, including, without limitation: obtaining the necessary funding required to satisfy the company's on-going operations; validation of the POSCO technology; obtaining and the issuance of necessary government consents; confirmation of initial exploration results;  the Company's ability to raise additional capital for exploration; development and commercialization of the Company's projects; future findings and economic assessment reports; the Company's ability to identify appropriate corporate acquisition or joint venture opportunities in the lithium mining sector and to establish appropriate technical and managerial infrastructure; political stability in countries in which we operate; and lithium prices.  For further information about risks faced by the Company, and its Maricunga Project, see the "Risk Factors" section of the Company's Form 10-K, filed with the SEC on October 9, 2013. The Company undertakes no obligation to update any forward-looking statement contained herein to reflect events or circumstances which arise after the date of this release.

Contact:
KCSA Strategic Communications
Julie Silber
Senior Vice President, Investor Relations
+1-212-896-1225
[email protected]

 

SOURCE Li3 Energy Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Is advanced scheduling in Kubernetes achievable?Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, answered these questions and demonstrated techniques for implementing advanced scheduling. For example, using spot instances and co...
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
"As we've gone out into the public cloud we've seen that over time we may have lost a few things - we've lost control, we've given up cost to a certain extent, and then security, flexibility," explained Steve Conner, VP of Sales at Cloudistics,in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, described how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launching ...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
"Since we launched LinuxONE we learned a lot from our customers. More than anything what they responded to were some very unique security capabilities that we have," explained Mark Figley, Director of LinuxONE Offerings at IBM, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.