December 7, 2009 (FinancialWire) — Li3 Energy, Inc. (OTCBB: LIEG) said it has completed the initial closings of a private placement offering for a total of 10.340 million units of its securities to institutional and accredited investors and non-U.S. persons for aggregate gross proceeds of $2.585 million at an offering price of $0.25 per Unit.

Each unit consists of one share of common stock of Li3 Energy, a five-year warrant to purchase one-half of one share of common stock at an exercise price of $0.50 per whole share and a five-year warrant to purchase one-half of one share of common stock at an exercise price of $1.00 per whole share.

Li3 Energy has granted “piggyback” registration rights to the investors purchasing units in the offering. These rights cover the resale of all shares of common stock included in the Units issued in the offering and all shares of common stock underlying the warrants included in the Units.

The company plans to apply the net proceeds of the offering towards the consummation of its proposed initial acquisitions of Next Lithium and Puna Lithium, to fund other potential lithium mining opportunities in the Americas and for general working capital purposes.

Li3 Energy is currently pursuing a business strategy in the lithium mining and energy sector in the Americas, with an initial focus on identifying and acquiring opportunities in Peru, Argentina and Chile and the United States.

The company aims to acquire a portfolio of lithium brine deposits in the Americas for the purpose of development and production in order to meet growing market demand and to support the clean energy and green energy initiatives being implemented globally.

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