Past year: ▼ 74%(1.75c – 6.65c USD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Nov 2013capital raising announcement▼ BadMajor
Took out a $250,000 convertible note from a US Virgin Islands-based lender (later revealed as GCA Strategic Investment Fund Limited) -- interest-free unless in default, convertible at a steep 30% discount to VWAP -- the start of the serial small-note financing pattern that would define the company's next decade.
6 Nov 2013listing compliance notice▼ Bad
LIBERTY STAR URANIUM & METALS CORP. withdrew a registration statement, abandoning the offering it covered.
15 Aug 2013debt financing▼ BadMajor
Liberty Star issued a new $555,000 toxic convertible note to an offshore lender at a 10% original issue discount, convertible at a steep 30% discount to its already-depressed share price — the start of a new, more expensive era of dilutive convertible-note financing that would recur for years.
13 Mar 2013auditor change▼ Bad
Liberty Star switched auditors from Semple, Marchal & Cooper to Malone Bailey; the outgoing firm's reports had flagged substantial doubt about the company's ability to continue as a going concern, underscoring the financial strain running through this period.
15 Nov 2012material agreement termination▼ BadMajor
Liberty Star settled its Northern Dynasty debt — by then $3.7 million principal plus $872,543 in accrued interest — by handing over 199 mining claims in the south block of Big Chunk, ending the 2010 loan and earn-in agreement and shrinking the company's core Alaska land package again.
12 Sept 2012capital raising announcement● Neutral
Drew a further $50,000 tranche at $0.027/unit, the last of the 2012 drip-financing series in this batch.
12 Sept 2012capital raising announcement● Neutral
Drew a $50,000 tranche at $0.0293/unit from the recurring drip arrangement.
12 Sept 2012capital raising announcement● Neutral
Drew two more tranches on the same day -- $30,000 at $0.0303/unit and $50,000 at $0.0311/unit, the latter to an offshore investor -- bringing 2012's drip financing to its seventh and eighth rounds.
30 July 2012capital raising announcement● Neutral
Drew another $50,000 tranche ten days later, at $0.0333/unit -- two raises in the same month.
20 July 2012capital raising announcement● Neutral
Drew a $50,000 tranche at $0.03321/unit.
1 June 2012capital raising announcement● Neutral
Drew a $50,004 tranche at $0.027/unit, continuing the same recurring drip financing.
1 June 2012listing compliance notice▼ Bad
LIBERTY STAR URANIUM & METALS CORP. withdrew a registration statement, abandoning the offering it covered.
22 Mar 2012capital raising announcement● Neutral
Drew a further $56,880 tranche at $0.02844/unit -- the third small placement since February.
8 Mar 2012capital raising announcement● Neutral
Drew a $56,000 tranche from the same recurring investor at $0.02799/unit.
29 Feb 2012capital raising announcement● Neutral
Drew a $70,000 tranche from its standing single-investor unit placement, at $0.03168/unit.
1 Feb 2012material agreement● NeutralMajor
Liberty Star lined up a new source of dilutive financing, a facility letting it sell up to $10 million of stock to Fairhills Capital Offshore at a 27.5% discount to the market price whenever it chooses — an equity line of credit rather than a firm commitment.
24 Jan 2012capital raising announcement● Neutral
Granted 10.5 million stock options to officers and employees at $0.027 -- routine compensation at the now-depressed share price.
17 Jan 2012material agreement termination▼ BadMajor
The Sagebrush Gold uranium consolidation fell apart: Liberty Star terminated the letter agreement just four months after signing it, with no further obligations remaining under the deal.
29 Dec 2011capital raising announcement▼ Bad
Sold $153,120 of units to three investors at $0.0264/unit -- the share price kept falling through 2011.
7 Nov 2011material agreement termination● Neutral
Liberty Star ended its five-month-old advisory contract with McNicoll, Lewis & Vlak after its main contact left the firm, with no further obligations to either side.
7 Sept 2011material agreement▲ GoodMajor
Liberty Star agreed to combine its uranium properties with Sagebrush Gold's into a new jointly owned company, with Sagebrush advancing $100,000 and receiving 5 million Liberty Star shares and warrants — a bid to consolidate its uranium assets with an outside partner.
27 May 2011material agreement● Neutral
Liberty Star hired McNicoll, Lewis & Vlak as a corporate advisor to help find a merger, acquisition or asset deal involving Big Chunk or its Arizona Tombstone/North Pipes properties, paying a $20,000/month retainer plus success and placement fees.
14 Jan 2011capital raising announcement▼ Bad
Sold a small $50,000 tranche of units to a single investor at $0.038/unit, continuing the pattern of shrinking, single-investor private placements.
15 Nov 2010capital raising announcement● NeutralMajor
Raised $1.235 million in two October/November private placements at $0.04-0.043/unit, roughly 3% of the per-share price paid by 2005 investors -- a measure of how much the stock, and the company's fundraising leverage, had deteriorated.
11 Aug 2010capital raising announcement▼ BadMajor
Voided the April 2010 share issuance as an error, cancelling and returning the 76.4 million shares to treasury, then granted a much larger option package -- 95.5 million shares at $0.038 -- to directors, officers and employees.
What it means for a shareholder
95.5m new shares at US$0.038 to raise about US$3.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
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.
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.
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.
