One-year 10% convertible was sold with $5,000 original issue discount
By Devika Patel
Knoxville, Tenn., Oct. 20 – Liberty Star Uranium & Metals Corp. sold a $105,000 convertible note in a private placement on Oct. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The notes were issued with a $5,000 original issue discount.
The 10% note is due on Oct. 14, 2015 and is convertible into common shares at a 40% discount to the average of the daily volume weighted average price for five trading days preceding conversion.
Based in Tucson, Ariz., Liberty Star is a uranium exploration company.
| Issuer: | Liberty Star Uranium & Metals Corp.
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| Issue: | Convertible note
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| Amount: | $105,000
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| Maturity: | Oct. 14, 2015
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| Price: | $5,000 discount
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| Coupon: | 10%
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| Conversion price: | 40% discount to the average of the daily volume weighted average price for five trading days preceding conversion
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| Warrants: | No
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| Announcement date: | Oct. 20
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| Settlement date: | Oct. 15
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| Stock symbol: | OTCBB: LBSR
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| Stock price: | $0.01 at close Oct. 17
|
| Market capitalization: | $11.64 million
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