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
"We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
"We are an all-flash array storage provider but our focus has been on VM-aware storage specifically for virtualized applications," stated Dhiraj Sehgal of Tintri in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...