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Liberty Star Uranium & Metals Corp. (OTCQB:LBSR), a metal mining company, has entered into a Securities Purchase Agreement with 1800 Diagonal Lending LLC, securing an $89,650 convertible promissory note. This agreement, effective April 28, 2025, introduces a new financial obligation for the company.
Under the terms of the agreement, the note carries an 8% interest rate and includes a 10% original issue discount. It is set to mature on February 15, 2026. The principal and accrued interest of the note are convertible into shares of Liberty Star’s common stock, as detailed within the agreement’s terms.
The note was issued in accordance with the Securities Purchase Agreement on April 29, 2025. This financial instrument provides the lender, 1800 Diagonal, the option to convert the debt into equity, potentially diluting current shareholders’ stakes.
The transaction details, including the rights and obligations of the involved parties, are outlined in the Securities Purchase Agreement and the Note, which are attached as Exhibits 3.57 and 3.58, respectively, to the Current Report on Form 8-K filed with the SEC. These documents are incorporated herein by reference.
This financial move by Liberty Star Uranium & Metals Corp. reflects a strategic effort to secure additional funding and may influence the company’s financial structure going forward. The information in this article is based on a press release statement.
In other recent news, Liberty Star Uranium & Metals Corp. has finalized a private placement of equity, issuing over 3 million shares to a key executive. This transaction, completed on February 26, 2025, involved Pete O’Heeron, the company’s Chairman, acquiring the shares at $0.09 each, totaling $277,260.27. This strategic move is intended to raise capital without a public offering, potentially minimizing dilution for existing shareholders. Furthermore, Liberty Star announced significant progress in its exploration efforts over the past year, particularly at its Hay Mountain and Red Rock Canyon projects. The company is actively seeking joint venture partners to further develop these promising mining projects in 2025. Recent exploration at Red Rock Canyon revealed bonanza gold grades near the surface, expanding the high-grade zone by an additional 100 feet. Liberty Star’s strategic focus on securing partnerships and investments aims to strengthen its financial position and advance its projects. These developments are part of the company’s broader strategy to leverage its discoveries for future expansion and development.
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