One-year 10% convertible was sold with $10,000 original issue discount
By Devika Patel
Knoxville, Tenn., Dec. 15 – Liberty Star Uranium & Metals Corp. sold a $210,000 convertible note to Tangiers Capital, LLC in a private placement on Dec. 3, according to an 8-K filed Monday with the Securities and Exchange Commission. The notes were issued with a $10,000 original issue discount.
The 10% note is due on Dec. 3, 2016 and is convertible into common shares at a 62.5% discount to the average of the daily volume-weighted average price of the stock for the five trading days preceding conversion.
The convertible may be prepaid at prices ranging from 110 to 130.
Based in Tucson, 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: | $210,000
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Maturity: | Dec. 3, 2016
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Price: | $10,000 discount ($200,000)
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Coupon: | 10%
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Conversion price: | 62.5% discount to the average of the daily volume-weighted average price of the stock for the five trading days preceding conversion
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Call: | At 110 to 130
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Warrants: | No
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Investor: | Tangiers Capital, LLC
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Announcement date: | Dec. 15
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Settlement date: | Dec. 3
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Stock symbol: | OTCBB: LBSR
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Stock price: | $0.01 at close Dec. 12
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Market capitalization: | $11.19 million
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