Liberty Star Uranium & Metals Corp. (OTCMKTS:LBSR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
As of January 27, 2020, Liberty Star Uranium & Metals Corp. (the “Company”) entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with Power Up Lending Group Ltd. (“Power Up”). to the terms of the Securities Purchase Agreement, the Company agreed to issue a convertible promissory note (the “Note”) to Power Up in the aggregate principal amount of $39,600. Effective January 27, 2020 the Company issued the Note to Power Up consistent with the terms of the Securities Purchase Agreement. The Note bears interest at 8% with a 10% Original Issue Discount and matures on November 15, 2020. to the terms of the Note, the outstanding principal and accrued interest on the Note shall be convertible into shares of the Company’s common stock as set forth therein.
The foregoing descriptions of the Note and the Securities Purchase Agreement and of all of the parties’ rights and obligations under the Note and the Securities Purchase Agreement are qualified in its entirety by reference to the Note and the Securities Purchase Agreement, copies of which are filed as Exhibits 10.1 and 10.2 respectively to this Current Report on Form 8-K, and of which are incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
The exhibits listed in the following Exhibit Index are furnished as part of this Current Report on Form 8-K.
| 10.1 | Convertible Promissory Note issued to Power Up Lending Group Ltd. dated January 27, 2020. |
| 10.2 | Securities Purchase Agreement dated as of January 27, 2020, by and between the registrant and Power Up Lending Group Ltd. |
LIBERTY STAR URANIUM & METALS CORP. Exhibit
EX-10.1 2 ex10-1.htm Exhibit 10.1 NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,…
To view the full exhibit click here
About Liberty Star Uranium & Metals Corp. (OTCMKTS:LBSR)
Liberty Star Uranium & Metals Corp. is an exploration-stage company engaged in the acquisition and exploration of mineral properties in the States of Arizona and Alaska. The Company’s subsidiary, Big Chunk Corp., is engaged in the acquisition and exploration of mineral properties business in the State of Alaska. The Company’s subsidiary, Hay Mountain Super Project LLC (HMSP), serves as the primary holding company for development of the potential ore bodies encompassed in the Hay Mountain area of interest in Arizona. The Company has not generated any revenues. The Company’s projects include North Pipes Super Project (North Pipes and NPSP), Big Chunk Super Project (Big Chunk), Tombstone Super Project (Tombstone) and East Silver Bell Porphyry Copper Project (East Silver Bell). The NPSP is located in Northern Arizona on the Arizona Strip. The Tombstone is located in Cochise County, Arizona. East Silver Bell Porphyry Copper Project is located northwest of Tucson, Arizona.
