LI3 Energy, Inc. (OTC:LIEG) has announced that the split off of its soy-blend scented candles and oils businesses has been completed. All assets and liabilities to the company’s legacy business has been acquired by its founding stockholder, Jon Suk. Mr. Suk has surrendered 71,052,626 shares of the company’s common stock in consideration for his purchase of the business.
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Mr. Suk surrendered 61,840,095 of his shares. 10,340,000 of the shares were connected with the private placement deal. The company issued 1,500,000 shares to Louis Saenz as compensation for his services as the company’s Chief Executive Officer.
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