Investor Tangiers will pay 80% of lowest average price over five days
By Devika Patel
Knoxville, Tenn., Dec. 19 – Liberty Star Uranium & Metals Corp. negotiated an $8 million investment agreement with Tangiers Investment Group, LLC on Dec. 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
Liberty Star will be able to place a number of shares equal to up to 150% of the average daily volume of the stock for the 10 trading days preceding settlement. The shares will be sold in tranches of at least $5,000 and there will be a cap of $100,000 per month.
The agreement runs for 36 months or until Liberty Star has sold $8 million of stock, whichever comes first.
Tangiers will buy shares at a price set at 80% of the lowest day of the daily volume-weighted average price of the company’s stock during the five consecutive trading days preceding the notice to sell.
Based in Tucson, Liberty Star is a uranium exploration company.
| Issuer: | Liberty Star Uranium & Metals Corp.
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| Issue: | Investment Agreement
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| Amount: | $8 million
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| Term: | 36 months
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| Price: | 80% of the lowest day of the daily volume-weighted average price of the company’s stock during the five consecutive trading days preceding the notice to sell
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| Investor: | Tangiers Investment Group, LLC
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| Agreement date: | Dec. 15
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| Stock symbol: | OTC: LBSR
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| Stock price: | $0.0137 at close on Dec. 19
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| Market capitalization: | $12.4 million
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