Enjoying the surge of interest in lithium miners thanks to commentary from Tesla Motors Inc. CEO, Elon Musk, on Friday, the penny stock of Li3 Energy, Inc. (LIEG) saw a tidal wave of momentum hit the South American miner on Monday. Running with the bullishness, the share price of LIEG stock came within .011 of its 52 week high set nearly 11 months ago yet failed to come close to its highest volume trading session for the year. After announcing today that they secured the additional $1.6 million in payment from BBL SpA to settle an exploration and development dispute, a resurgence of bullish behavior could be too tempting for Asher Enterprises to avoid dumping this Chilean based miner while it pursues new highs.
Our Next Pick Is Coming Soon!
Click HERE To Make Sure You Don’t Miss Any Of Our Hot Penny Stock Alerts!
LIEG Stock Quote
Market Cap: 17.12M
Last: 0.04 ▲ +0.0257 (+179.72%)
Dollar Volume: $180,759
Issued and Outstanding: 427,701,508
14-Day Rel Strength: 84.14%
1st Resistance Point: 0.0549
1st Support Level: 0.0192
Looking for the Best Penny Stocks to Buy?
Click HERE To Receive FREE Penny Stock Alerts
Like the other three lithium focused miners that ran up for big gains on big volume yesterday, Li3 Energy held their own despite not setting a record for volume (which is actually a very promising aspect of LIEG). With a 60% interest in mining concessions covering an area of approximately 1,438 hectares in northern Chile and another 450 hectares located adjacent to that, even though revenues are missing from their top line just like the others, LIEG stock has the most promise simply based on the huge cash injections they have received this year.
Keeping their word, as stated in their 10Q filed mid-February, Li3 Energy received $1,500,000 on January 28, 2014 and today announced the receipt of $1,600,000. The plan was to repay the zero-coupon convertible debt of $2,000,000, the Asher convertible debt of $101,376, the current Credit Facility of $467,450 (at December 31, 2013) and to fund the working capital needs of the Company.
Unfortunately, Asher Enterprises already converted $70,000 into LIEG shares in January 2014 which could hamper any additional momentum should the interest in these lithium explorers expire.
Looking forward with LIEG, the cancellation of those debt burdens and the promise of an already secured line of credit for $1.8 million due to become available April 1, 2014 allows for the Company to actually complete the projects they have on the table. That line of credit which has limitation of $100,000 a month will be a big help for Li3 Energy to obtain the $1,000,000 due to them upon completion of certain Maricunga Project Milestones (or at the latest, on January 27, 2016) which the Company holds a 605 working interest in.
About LIEG Stock
Li3 Energy, Inc. is an development stage, South American based exploration company in the lithium and potassium mining sector aiming to acquire and develop lithium and potassium brine deposits in the region.
Last 5 Trading Sessions:
The lithium explorers are hot right now and LIEG could be the best penny stock of the four. The gigafactory hype is really fueling this sector right now and a slight pull back on LIEG stock from profit takers at the open could open a door for longs, or even short termers, to come in cheap enough to see triple digit gains while the news is still sizzling.
Our Next Pick Is Coming Soon!
Text Keyword “AIMHIGH” To 99000 To Make Sure You Don’t Miss It!