As it seems, no force has managed to stop the phenomenal chart run of Li3 Energy, Inc. (OTC:LIEG), at least for the last few weeks.
Following a disappointing Thursday session, LIEG more than made up for it on Friday when it shot up 48% to $0.139, its highest close since Sept. 15. By the end of the session, more than 792 thousand shares of common LIEG stock had changed hands, which is almost 4 times higher than the daily average trading volume.
LIEG’s huge jump on Friday came hard on the heels of a new official announcement which served to shed light on the Chilean Laws regulating the exploitation of lithium. The company cited a government’s decision dated Feb. 7 to relaunch the Chilean Lithium Industry by ‘unlocking its restrictions.’
According to LIEG’s latest unaudited 10-Q report, the company closed Q3 of 2011 with:
- $7.3M in cash and cash equivalents;
- $4.8M in net working capital;
- $11.5M in derivative liabilities;
- operating loss of $1.8M.
