Liberty Star Raises Cash Through Non-Brokered Private Placements with US Investors
TUCSON, Ariz.--(BUSINESS WIRE)--Liberty Star Uranium & Metals Corp. (The “Company”) (OTCBB: LBSR) is pleased to announce that it has completed two non-brokered private placement with several private US accredited investors at USD 0.04-0.043 per unit with the issuance of 30,465,114 units for proceeds totaling USD $1,235,000.
For a detailed description of the transactions completed October 20, 2010 and November 12, 2010, please refer to the Company’s SEC Form 8-K, filed November 15, 2010. There were no brokerage commissions paid. Liberty Star Uranium currently has 539,951,309 fully diluted shares outstanding.
The Company will use the funds for general working capital purposes and to advance copper/gold/silver exploration efforts in southwestern Alaska, southeastern Arizona and elsewhere. As previously reported (NR 95), the Company continues to work with Northern Dynasty Minerals (NYSE AMEX:NAK TSX: NDM) regarding the joint venture exploration effort (porphyry copper/gold) on its Big Chunk Super Project and Bonanza Hills Project lands.
Other news of interest to shareholders and investors:
With the conclusion of all legal matters involving the Company and previous note holders, Liberty Star’s board members and management can freely pursue JV opportunities for its projects in Alaska, Arizona and elsewhere. Discussions of possible joint ventures on multiple porphyry copper targets are under way other than the JV with Northern Dynasty. However it is too early to determine if they will progress to completion.
Board member Larry Liang, Vice President Business Development-China has recently returned from a trip to China, which included meetings with senior management of mining companies and private investors. This has already generated a meeting in the USA. He plans on returning to China in early December. Vice President of Business Development Mexico, Eduardo Othon, has been in Abu Dubai for over six weeks talking with his contacts there. His original plan was to visit the Middle East financial center for one week. Comments James Briscoe: “Larry and Eddie have traveled far and wide to tell the Liberty Star story and are doing so with great promise. We also have a high level representative in India telling our story as well. Our meticulous exploration efforts in Alaska and prime land position in southeastern Arizona are now recognized by key players in China, the Middle East, India and Europe.”
For the board of directors,
“James A. Briscoe”
James A. Briscoe, P. Geo.
President & CEO
Liberty Star Uranium & Metals Corp
AI
