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.
The information provided under Item 2.03 is responsive to the
information required by this item.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
On June 20, 2017, we closed on a securities purchase agreement
(Securities Purchase Agreement), whereby we issued a convertible
note (the Note) to one lender in the principal amount of $53,000.
The Note is payable in full on June 20, 2018 and bears interest
at the rate of 8.00% per annum.
The Note may not be prepaid in whole or in part except as set
forth in the Note. Any amount of principal or interest on the
Note which is not paid when due shall bear interest at the rate
of 22% per annum from the due date until paid.
The Note may be convertible into shares of common stock of our
company at any time from 180 days after the execution date of the
Note and ending on the later of the maturity date, or the date of
payment of the Default Amount (as defined in the Securities
Purchase Agreement) at a price per share of 65% (representing a
35% discount) of the average of the lowest five (5) VWAPs (as
defined in the Securities Purchase Agreement) for our common
stock during the 10-trading day period ending on the latest
completed trading day prior to the date of conversion.
The foregoing descriptions of the Securities Purchase Agreement
and the Note and of all of the parties rights and obligations
under the Securities Purchase Agreement and the Note are
qualified in its entirety by reference to the Securities Purchase
Agreement and the Note, 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 3.02 Unregistered Sales of Equity
Securities.
We issued the security to one U.S. person who is an accredited
investor (as that term is defined in Rule 501 of Regulation D,
promulgated by the Securities and Exchange Commission to the
Securities Act of 1933, as amended, and in issuing these
securities to this investor we relied on the registration
exemption provided for in Rule 506 of Regulation D and/or Section
4(a)(2) of the Securities Act of 1933, as amended.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| 10.1 | Securities Purchase Agreement dated June 7, 2017 |
| 10.2 | Convertible Promissory Note dated June 20, 2017 |
LIBERTY STAR URANIUM & METALS CORP. ExhibitEX-10.1 2 ex10-1.htm SECURITIES PURCHASE AGREEMENT This SECURITIES PURCHASE AGREEMENT (the “Agreement”),…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.
