LI3 Energy Inc (fka LIEG)

[Dr_Vonschellan]

Ahhhhh, I see now why BRZ_glommed_onto_10.3%_of_the_NewCoJV
Go to the new LIEG Amended 10K and page 5 paragraph 6 which reads:
As part of the Transaction, Mineral Li and MSB agreed to contribute their Maricunga lithium brine assets to a new joint venture (the “Maricunga JV”) and LPI agreed to contribute $27.5 million in cash to the Maricunga JV to cover exploration and development costs for the next 2.5 years until the completion of a definitive feasibility study in late 2018. Following the completion of the Transaction, Li3 will own a direct 17.67% equity interest of the Maricunga JV, with LPI and MSB owning 50.0% and 32.33%, respectively. Li3 will be entitled to appoint one director of the Maricunga JV (so long as it holds at least 10% of the equity interests of the joint venture), with LPI and MSB holding three and two director seats, respectively. The ownership interest of parties in the Maricunga JV are outlined in the following graphic:

If we Legacy LIEG shareholders shackled in American BRGRF (who have all the old debt on our shoulders) don't pull ourselves up by our own bootstraps and then go bust as a result in perhaps 2019... then surviving Canadian mother BRZ (where Luis is a new Director, bravo El Toro! Hooray! Rah rah!) will still maintain the one director's seat in the NewCoJV BOD which requires 10% ownership in the NewCo JV.

I love math... don't you love math fellow LIEG shareholders ?

Tsk, tsk... I so wish BRZ would have just owned us as a full normal subsidiary and let us (as BRGRF) keep the whole 17.7% partnership in Maricunga NewCo JV like God first envisioned this deal... but it appears BRZ does not trust BRGRF to manage this one precious key all-important strategic make-or-break Director's chair in the NewCo JV... and so they have glommed it.

The Doctor

PS, definition of glommed