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 declared the secured notes issued in May 2007, August 2008, May 2009 and August 2009 past due and in default for non-payment, which cross-defaulted every note to every secured lender; they demanded immediate payment of at least $3.5 million. The company said it was talking to new lenders and warned that without fresh financing it would lose all of the assets securing the debt.
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.