Published 22 August 2012
Minerals exploration firm, Li3 Energy has closed the $10m, second-tranche of funding from POSCO Canada, a subsidiary of South Korea?s POSCO.
With this funding, the $18m financial commitment made by POSCO in August last year completes.
As per the deal, POSCO will invest $10m to buy units at a price of $0.16, 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.
Li3 Energy will issue warrants to POSCO for the aggregate purchase of 5 million shares of common stock exercisable for a two-year period at an exercise price of $0.15 per share.
After completion of the transaction, POSCO would become the firm's largest shareholder with nearly 26% of Li3's outstanding common share.
Li3 Energy CEO Luis Saenz said that the investment is an important accomplishment and milestone in the history of the company.
The company will now focus on a plan for further developments at the Maricunga project in Chile and advance its technology initiatives in pilot testing and additional land acreage to support further development of the project.
POSCO Canada is expected to work alongside Li3 Energy at the Maricunga project.
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