13 July 2010quarterly activities report▼ Bad
LIBERTY STAR URANIUM & METALS CORP. reported quarterly revenue of $0 and a net loss of $699 thousand for the period ended 2010-07-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 July 2010material agreement termination▲ GoodMajor
Northern Dynasty Minerals rescued Liberty Star from its note default, paying off the defaulted lenders in exchange for 13% of the Big Chunk/Bonanza Hills claim package, $1 million cash and a new $3 million secured loan, with an option to earn 60% of both Alaska projects by spending $10 million over six years — a lifeline that also handed a major stake in the company's core assets to a much larger partner.
4 June 2010debt default or forbearance▼ BadMajor
Liberty Star's collateral agent notified it on June 1, 2010 that the secured notes issued in May 2007, August 2008, May 2009 and August 2009 were past due and in default for non-payment. The lenders declared them due in full, demanding at least $3.5 million.
11 May 2010capital raising announcement▼ BadMajor
Issued 76.4 million shares to directors, officers and employees as compensation -- a large dilutive stock award relative to the company's then share count.
30 Apr 2010late filing notice▼ Bad
LIBERTY STAR URANIUM & METALS CORP. notified the SEC that its annual report would be filed late.
3 Mar 2010material agreement▼ BadMajor
Liberty Star again extended the maturity of its stack of convertible notes — now dating from 2007, 2008 and three rounds in 2009 — to February 2011, with holders able to grant two more 180-day extensions after that, showing the company's debt load had grown while its ability to repay it had not improved.
2 Dec 2009substantial holder notice● Neutral
Brio Capital LP disclosed a new substantial LIBERTY STAR URANIUM & METALS CORP. shareholding (8.06% of votes).
1 Dec 2009capital raising announcement▼ Bad
Increased five of the August 2009 notes by $206,212 just to cover annual Alaska land-claim fees -- keeping the claims in good standing was now being funded with more debt.
17 Sept 2009substantial holder notice● Neutral
HARBORVIEW MASTER FUND LP disclosed a new substantial LIBERTY STAR URANIUM & METALS CORP. shareholding (7.29% of votes).
25 Aug 2009securities registration● Neutral
LIBERTY STAR URANIUM & METALS CORP. filed notice of an exempt private placement.
20 Aug 2009capital raising announcement▼ BadMajor
Sold $589,177 more 12% secured convertible notes -- this time to five named funds (Alpha Capital Anstalt, Harborview Master Fund, Platinum Partners Long Term Growth VI, Brio Capital and Double U Master Fund) -- with faster, 20%-per-month repayment terms than the May round.
26 May 2009capital raising announcement▼ BadMajor
Sold another $170,668 of 12% secured convertible notes, and slashed the conversion price on this and the outstanding 2007/2008 note stacks to a fixed $0.005/share or 80% of the recent average price -- a sharp escalation in dilution as financing terms kept worsening.
4 May 2009late filing notice▼ Bad
LIBERTY STAR URANIUM & METALS CORP. notified the SEC that its annual report would be filed late.
15 Oct 2008material agreement● Neutral
Liberty Star restructured a mining venture agreement with NPX Metals and JABA US, replacing the original payment schedule with staged $20,000/$30,000/$50,000 payments and having NPX issue it 100,000 NPX shares — a smaller side deal alongside the company's main Alaska and Arizona projects.
3 Sept 2008capital raising announcement▼ BadMajor
Opened a second, smaller note program -- $414,184 of 12% secured convertible notes to eight subscribers, with monthly cash-or-stock repayments starting February 2009 -- and amended the 2007 8% notes to let those holders also take stock instead of cash, the first sign the company was struggling to service its debt in cash.
31 July 2008material agreement▼ BadMajor
A third amendment to the 2007 convertible notes extended the same stock-for-cash relief to the July payment, underscoring that Liberty Star still couldn't make its note payments in cash.
3 July 2008capital raising announcement▼ Bad
Granted 3.475 million more stock options, including immediately-vesting awards to its CEO and CFO, at $0.22 -- a small fraction of the $1.30+ paid by 2005 private-placement investors, reflecting how far the stock had fallen.
26 June 2008director interest notice● Neutral
Robert B Fields became a LIBERTY STAR URANIUM & METALS CORP. director and company insider (initial ownership filing).
23 May 2008material agreement▼ BadMajor
Liberty Star amended the same 2007 convertible notes a second time, again allowing stock-based payment of the May and June installments at a discounted price — the note holders kept granting relief rather than demanding cash.
23 Apr 2008material agreement▼ BadMajor
Liberty Star amended the terms of $3.65 million in convertible notes issued back in May 2007, letting it pay upcoming monthly amounts in stock at a steep discount instead of cash — the first sign of the note-servicing strain that would deepen over the next two years.
3 Mar 2008drilling progress report▲ Good
Liberty Star ranked and prioritized 45 of its roughly 300 Arizona uranium breccia-pipe targets for sequential drilling, with six already committed to the Xstate joint venture and 37 open for new partners — the company says it controls about 40% of all known pipe targets in the historic Arizona Strip uranium district.
4 Oct 2007securities registration● Neutral
LIBERTY STAR URANIUM & METALS CORP. filed the final prospectus for a registered offering.
27 Sept 2007securities registration● Neutral
LIBERTY STAR URANIUM & METALS CORP. amended a filing by which it registered a small-business securities offering with the SEC.
5 Sept 2007material agreement▲ GoodMajor
Millrock Resources took an option to earn up to 60% of Liberty Star's Bonanza Hills gold property in Alaska by spending $3.5 million on exploration over five years — a new gold project alongside the company's core Big Chunk copper play and Arizona uranium ventures.
4 Sept 2007securities registration● Neutral
LIBERTY STAR URANIUM & METALS CORP. amended a filing by which it registered a small-business securities offering with the SEC.
24 Aug 2007capital raising announcement● Neutral
Signed on two more investor-relations firms, Friedland Investment Events and Agoracom, paying them partly in restricted stock and options rather than cash.
13 Aug 2007securities registration● Neutral
LIBERTY STAR URANIUM & METALS CORP. amended a filing by which it registered a small-business securities offering with the SEC.
25 June 2007securities registration● Neutral
LIBERTY STAR URANIUM & METALS CORP. registered a small-business securities offering with the SEC.
15 May 2007capital raising announcement● NeutralMajor
Raised $4.4 million through its first convertible note program -- 8% unsecured notes maturing 2009, convertible at a fixed $0.65/share, plus 6.8 million warrants at $0.75 -- a larger and more debt-like financing than its earlier straight equity placements, with covenants blocking any future variable-price deals while the notes are outstanding.
4 Apr 2007capital raising announcement● Neutral
Extended the exercise deadline on warrants from the March 2005 private placement by three years, to March 2010 -- though this filing describes them as two-year warrants about to expire, while the original 2005 filing said they ran five years, a discrepancy in the company's own disclosures.