Li3 Energy, Inc. (OTCMKTS:LIEG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive
Agreement
On May 31, 2017, Li3 Energy, Inc. (the Company) entered into an
Agreement of Termination of Compensation (collectively, the
Agreements of Termination of Compensation) with each of Luis
Saenz, the Companys President and Chief Executive Officer, and
Luis Santillana, the Companys Chief Financial Officer, Secretary
and Treasurer (each Executive, and collectively, the Executives).
The Agreements of Termination of Compensation amend the terms of
the original Employment Services Agreement (as amended) of each
Executive. Among other things, the Agreements of Termination of
Compensation (i) provide that for the period from May 31, 2017 to
November 30, 2017, each of the Executives shall not be due and
shall not receive any compensation from the Company for services
provided, and (ii) suspend certain provisions under the original
Employment Services Agreement of each Executive that provide for
salary and bonus compensation.
The foregoing description of the Amendments is qualified in its
entirety by reference to the full text of the Agreements of
Termination of Compensation, filed hereto as Exhibits 10.1 and
10.2.
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Item 9.01 Financial Statements and |
(d) Exhibits
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Exhibit No. |
Description |
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10.1 |
Agreement of Termination of Compensation between the |
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10.2 |
Agreement of Termination of Compensation between the |
About Li3 Energy, Inc. (OTCMKTS:LIEG)
Li3 Energy, Inc. is an exploration company in the lithium and potassium mining sector, based in South America. The Company is focused on acquiring and developing a portfolio of lithium and potassium brine projects in the Americas. It is also focused on further exploring, developing and commercializing its approximately 49% interest in the Maricunga Project, located in the northeast section of the Salar de Maricunga in Region III of Atacama in northern Chile, as well as increasing its portfolio of projects. The Maricunga Project is a lithium and potassium exploration project consisting of over two adjacent properties covering an aggregate of approximately 1,888 hectares; over 60% interest in Sociedades Legales Mineras Litio 1 a 6 de la Sierra Hoyada de Maricunga, and approximately 100% interest in a group of exploitation mining concessions named Cocina 19 through 27 (the Cocina Mining Concessions). As of June 30, 2016, the Company had not generated revenues from operations. Li3 Energy, Inc. (OTCMKTS:LIEG) Recent Trading Information
Li3 Energy, Inc. (OTCMKTS:LIEG) closed its last trading session 00.0000 at 0.0210 with 10,800 shares trading hands.