Past year: ▼ 74%(1.75c – 6.65c USD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
16 Jan 2007capital raising announcement● Neutral
Paid Equititrend Advisors for a year of PR/IR services partly in stock (150,000 shares) rather than cash.
10 Apr 2006capital raising announcement● Neutral
Granted another round of stock options -- 1.63 million shares at $1.11 -- to employees, officers, directors and consultants; routine compensation, not a capital raise.
10 Mar 2006capital raising announcement▼ BadMajor
Signed a Standby Equity Distribution Agreement letting Cornell Capital Partners buy up to $10 million of stock at a 4% discount to market plus fees, structured so a falling share price forces the company to issue more shares to raise the same cash -- a dilutive financing tool now on tap alongside its private placements.
24 Mar 2005capital raising announcement● Neutral
Amendment setting out the exact terms of the $5.05 million placement closed two days earlier: 3,886,717 units at $1.30, each carrying half a warrant exercisable at $1.50 for two years, taken by three US accredited investors and twenty-one offshore buyers. Liberty Star also agreed to register the shares for resale.
23 Mar 2005capital raising announcement▲ GoodMajor
Closed a second, larger private placement -- roughly $5.05 million from a mix of US and offshore investors, plus finder's fees -- again earmarked for Big Chunk development and working capital.
27 Jan 2005capital raising announcement● Neutral
Granted stock options on 609,000 shares to directors and employees at $1.67 -- routine insider equity compensation, not outside capital raising, despite the Item 3.02 filing.
29 June 2004capital raising announcement▲ Good
Closed the $2 million private placement announced in June, completing Liberty Star's first post-merger financing round.
8 June 2004capital raising announcement▲ GoodMajor
Arranged its first outside financing as a public company: a $2 million private placement of units to non-US investors to fund Big Chunk exploration and working capital; also brought in Jon Young of Oracle Capital Advisors as CFO.
