Liberty Star Uran&Metal (OTCBB) // O/S maxed out!
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LIBERTY STAR URANIUM & METALS CORP.
P.O. Box 32909
Tucson, Arizona
85751-2909
November 20, 2008
To the Stockholders of Liberty Star Uranium & Metals Corp.:
You are cordially invited to attend the annual meeting of stockholders of Liberty Star Uranium & Metals Corp., a Nevada corporation, on Monday, January 5, 2009 at 9:00 a.m. at the San Miguel Estates, 5565 North Binghamton Drive, Tucson, AZ 85712.
The notice of annual meeting of stockholders and proxy statement, which describe the formal business to be conducted at the meeting, are enclosed with this letter.
After reading the proxy statement, please promptly mark, sign and return the enclosed proxy card in the envelope (if mailing within the United States) to ensure that your shares will be represented. Regardless of the number of shares of stock you own, your careful consideration of, and vote on, the matters before our stockholders are important.
A copy of our Annual Report on Form 10-KSB for the year ended January 31, 2008 and our Quarterly Report on Form 10-Q for the period ended July 31, 2008 are also enclosed with this letter.
The Board of Directors and management look forward to seeing you at the annual meeting.
Sincerely,
/s/ James Briscoe
James Briscoe
President, Chief Executive Officer and Chief Financial Officer
Chairman of the Board
**************************************************
Notice of Annual Meeting of Stockholders
to be Held on January 5, 2009
To the Stockholders of Liberty Star Uranium & Metals Corp.:
NOTICE IS HEREBY GIVEN that Liberty Star Uranium & Metals Corp., a Nevada corporation, will hold its annual meeting of stockholders on Monday, January 5, 2009 at 9:00 a.m. (local time) at the San Miguel Estates, 5565 North Binghamton Drive, Tucson, AZ 85712 (the “Meeting”). The Meeting is being held for the following purposes:
1.
§
To elect James Briscoe, Gary Musil and John Guilbert to serve as directors of our company;
2. To ratify the appointment of Semple & Cooper, LLP as the independent auditors of our company for the year ended January 31, 2008;
3.
§
To approve an increase in capitalization to 10,000,000,000 common shares;
4.
§
To approve the 2007 Stock Option Plan; and
§
§
5. To transact such other business as may properly come before the Meeting or any adjournment or postponement thereof.
Our Board of Directors recommends that you vote “for” each of the nominees and vote “for” each proposal.
Our Board has fixed the close of business on November 17, 2008 as the record date for determining the stockholders entitled to notice of, and to vote at, the Meeting or any adjournment or postponement of the Meeting. At the Meeting, each holder of record of shares of common stock, $0.001 par value per share, will be entitled to vote one vote per share of common stock held on each matter properly brought before the Meeting.
Dated: November 20, 2008.
By Order of the Board of Directors,
/s/ James Briscoe
James Briscoe
President, Chief Executive Officer and Chief Financial Officer
Chairman of the Board
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=33748844
Posted by: alexindef Date: Saturday, November 22, 2008 1:57:24 PM
according Nevada SOS the LBSU executives have no preferred shares (0 votes from this side expected ):
Financial Information
No Par Share Count: 0 Capital Amount: $ 200,000.00
Par Share Count: 200,000,000.00 Par Share Value: $ 0.001
Insiders need to have more than 50% votes to approve the a/s increase - means, 100M+ shares hold by them... They cannot sell these shares ('cause of the majority of votes)... Free trading count is less than 100M, for 3 days (Tuesday to Thursday) around 100M traded plus 250M for the last 3 weeks... Do your math...
Point is: this is the PLAY against SHORTS... Company doesn't care about - they need to raise capital and they'll do... Stockholders or MMs - who's going to win? 99.99% MMs are on top in those games... Well, time will tell - keep in mind that to the mid/end of January the share structure is steel...
19:08:17 0,002 150.000 4.543.140
19:04:00 0,0023 12.000 4.393.140
19:01:44 0,002 90.000 4.381.140
18:48:18 0,002 100.000 4.291.140
18:47:06 0,002 50.000 4.191.140
18:35:18 0,0019 8.600 4.141.140
18:09:16 0,0019 50.000 4.132.540
18:09:16 0,0019 20.000 4.082.540
18:09:16 0,0019 23.890 4.062.540
17:32:10 0,0019 30.000 4.038.650
17:12:37 0,0019 25.000 4.008.650
17:08:16 0,0018 176.000 3.983.650
17:08:08 0,0018 250.000 3.807.650
17:08:08 0,0018 250.000 3.557.650
17:06:36 0,0018 250.000 3.307.650
17:06:36 0,0018 250.000 3.057.650
17:06:00 0,0019 287.992 2.807.650
17:03:45 0,0018 250.000 2.519.658
17:03:45 0,0018 250.000 2.269.658
17:03:42 0,0018 75.000 2.019.658
17:02:44 0,0019 100.000 1.944.658
17:00:21 0,0018 50.000 1.844.658
17:00:21 0,0018 50.000 1.794.658
17:00:02 0,0019 75.000 1.744.658
16:58:58 0,0018 59.208 1.669.658
16:58:41 0,0018 352.800 1.610.450
16:47:11 0,0018 35.200 1.257.650
16:47:02 0,0017 8.000 1.222.450
16:41:53 0,0018 18.200 1.214.450
16:39:19 0,0018 89.778 1.196.250
16:31:42 0,0018 190.000 1.106.472
16:31:37 0,0018 5.000 916.472
16:31:35 0,0018 5.000 911.472
16:30:43 0,0018 12.000 906.472
16:06:38 0,0018 20.000 894.472
15:35:51 0,0019 30.000 874.472
15:33:57 0,0019 100.000 844.472
15:32:29 0,0018 100.000 744.472
15:31:56 0,0018 5.000 644.472
15:31:18 0,0017 119.472 639.472
15:30:36 0,0017 288.472 520.000
15:30:33 0,0017 111.528 231.528
15:30:33 0,0017 19.000 120.000
15:30:26 0,0017 100.000 101.000
15:30:03 0,0017 1.000 1.000
+0,00 | +76,92%
Nasdaq OTC Bulletin Board München Frankfurt Xetra Bid 0,0022
10.000
Ask 0,0023
5.000
US53123T1079 | Aktie
n.a. | USA
Details
Eröffnung 0,0017
Höchstkurs 0,0023
Tiefstkurs 0,0017
Vortag 0,0013
Umsatz (in Stück) 5.323.239
Umsatz (in USD) n.a.
Preisfeststellungen 49
letzte Umsätze
19:21:05 50.000 0,0023
19:14:30 100.000 0,002
19:08:17 150.000 0,002
19:08:17 150.000 0,002
19:04:00 12.000 0,0023
19:01:44 90.000 0,002
18:48:18 100.000 0,002
+0,00 | +16,67%
Nasdaq OTC Bulletin Board München Frankfurt Xetra Bid 0,0034
10.000
Ask 0,0035
5.000
US53123T1079 | Aktie
n.a. | USA
Times&Sales
Zeit Kurs + Zusatz Umsatz Umsatz kumuliert
15:58:14 0,0035 100.000 1.112.857
15:57:36 0,0035 200.000 1.012.857
15:56:47 0,0035 150.000 812.857
15:56:47 0,0035 142.857 662.857
15:53:31 0,0035 250.000 520.000
15:50:53 0,0034 5.000 270.000
15:50:26 0,0033 195.000 265.000
15:49:23 0,0033 10.000 70.000
15:39:15 0,0031 10.000 60.000
15:31:52 0,0033 20.000 50.000
15:31:21 0,0028 25.000 30.000
15:30:30 0,003 5.000 5.000
0,004 USD
+0,00 | +17,65%
Frankfurt Nasdaq OTC Bulletin Board München Xetra Bid 0,0038
10.000
Ask 0,004
5.000
US53123T1079 | Aktie
n.a. | USA
Times&Sales
Zeit Kurs + Zusatz Umsatz Umsatz kumuliert
16:59:16 0,004 15.000 3.416.000
16:58:55 0,004 100.000 3.401.000
16:57:46 0,004 35.000 3.301.000
16:56:53 0,004 5.000 3.266.000
16:52:15 0,0038 50.000 3.261.000
16:48:29 0,0038 100 3.211.000
16:48:28 0,0038 100.000 3.210.900
16:48:17 0,0038 70.000 3.110.900
16:48:05 0,0038 20.000 3.040.900
16:47:39 0,0037 10.000 3.020.900
16:47:19 0,0038 25.000 3.010.900
16:47:00 0,0038 5.000 2.985.900
16:46:40 0,0037 100.000 2.980.900
16:46:38 0,0037 150.857 2.880.900
16:39:01 0,0037 482.000 2.730.043
16:38:49 0,0037 100.000 2.248.043
16:38:44 0,0037 200.000 2.148.043
16:38:44 0,0037 200.000 1.948.043
16:38:25 0,0037 200.000 1.748.043
16:36:09 0,0037 50.000 1.548.043
16:34:29 0,0037 2.700 1.498.043
16:33:28 0,0037 50.000 1.495.343
16:32:34 0,0037 50.000 1.445.343
16:31:39 0,0038 62.497 1.395.343
16:30:58 0,0038 50.000 1.332.846
16:30:58 0,0038 50.000 1.282.846
16:30:48 0,0038 100.000 1.232.846
16:30:02 0,0038 5.000 1.132.846
16:29:49 0,0038 80.000 1.127.846
16:29:49 0,0038 80.000 1.047.846
16:29:36 0,0038 80.000 967.846
16:29:21 0,0038 20.000 887.846
16:29:20 0,0038 4.000 867.846
16:29:16 0,0038 98.503 863.846
16:28:14 0,0038 190.000 765.343
16:24:06 0,0035 50.000 575.343
16:24:06 0,0035 80.000 525.343
16:24:06 0,0035 50.000 445.343
16:24:06 0,0035 125.000 395.343
16:24:06 0,0035 144.143 270.343
16:12:50 0,0034 10.000 126.200
15:37:23 0,0034 10.000 116.200
15:32:47 0,0034 70.000 106.200
15:31:26 0,0034 10.000 36.200
15:30:18 0,003 1.200 26.200
15:30:05 0,003 25.000 25.000
17:39:08 12.000 0,0042
17:36:14 5.000 0,004
17:34:18 20.000 0,004
17:34:12 255.000 0,0039
17:34:12 242.767 0,0039
17:32:07 1.000 0,0036
17:21:48 10.000 0,0039
Nur dumm, dass der Kurs nur/noch immer in USA gemacht wird! (irgendwann merkt er's auch mal) ax
ach ja
0,0042 USD
+0,00 | +23,53%
Nasdaq OTC Bulletin Board Frankfurt München Xetra Bid 0,0042
10.000
Ask 0,005
5.000
US53123T1079 | Aktie
n.a. | USA
Details
Eröffnung 0,003
Höchstkurs 0,0042
Tiefstkurs 0,003
Vortag 0,0034
Umsatz (in Stück) 4.772.981
Umsatz (in USD) n.a.
Preisfeststellungen 70
letzte Umsätze
18:20:51 75.000 0,0042
18:20:12 18.500 0,0042
18:00:34 50.000 0,004
18:00:34 50.000 0,004
18:00:29 15.000 0,004
18:00:29 78.376 0,004
17:45:44 150.000 0,004
--------------------------------------------------
15-Dec-2008
Quarterly Report
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Much of the information included in this quarterly report includes or is based upon estimates, projections or other "forward looking statements". Such forward looking statements include any projections or estimates made by us and our management in connection with our business operations. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein.
Such estimates, projections or other "forward looking statements" involve various risks and uncertainties as outlined below. We caution the reader that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other "forward looking statements".
Overview
The following Management's Discussion and Analysis is intended to help the reader understand the results of operations and financial condition of Liberty Star Uranium & Metals Corp. Management's Discussion and Analysis is provided as a supplement to, and should be read in conjunction with, our condensed consolidated financial statements and the accompanying notes to the condensed consolidated financial statements.
Liberty Star Uranium & Metals Corp. (the "Company" or "We") is in the acquisition and exploration of mineral properties business. Big Chunk Corp. ("Big Chunk") is our wholly owned subsidiary and is engaged in the acquisition and exploration of mineral properties business in the State of Alaska. Redwall Drilling Inc. ("Redwall") is our wholly owned subsidiary and is a drilling contractor. We are an exploration stage company, as we have not generated revenues from operations. The Company's significant projects are:
North Pipes Super Project ("NPSP"): Located in Northern Arizona on the Arizona Strip, we plan to ascertain whether the North Pipes Super Project claims possess commercially viable deposits of uranium. We have approximately 300 potential breccia pipe targets. We have not identified any ore reserves to date.
Big Chunk Super Project ("Big Chunk"): Located in the Iliamna region of Southwestern Alaska, we plan to ascertain whether the Big Chunk claims possess commercially viable deposits of copper, gold, molybdenum, silver and zinc. We have not identified any ore reserves to date.
Bonanza Hills Project ("Bonanza Hills"): Located in the Iliamna region of Southwestern Alaska, we plan to ascertain whether the Bonanza Hills claims possess commercially viable deposits of gold and silver. We have not identified any ore reserves to date.
On September 11, 2008, we announced that we and XState Resources have agreed that XState will maintain a 50% interest in three uranium exploration targets at North Pipes. The three areas can be chosen from all the targets over which exploration has been conducted by the joint venture in the last 18 months.
Both parties agree to enter into a formal 50/50 contributing joint venture in relation to the three targets chosen by XState. The previous "earn-in" agreement is terminated. The Company retains former JV funds to complete minor rehabilitation on exploration sites and conclude administrative tasks.
There is no assurance that a commercially viable mineral deposit exists on any of our properties, and further exploration is required before we can evaluate whether any exist and, if so, whether it would be economically feasible to develop or exploit those resources. Even if we complete our current exploration program and we are successful in identifying a mineral deposit, we would be required to spend substantial funds on further drilling and engineering studies before we could know whether that mineral deposit will constitute a reserve (a reserve is a commercially viable mineral deposit). Please refer to the section entitled "Risk Factors" for additional information about the risks of mineral exploration.
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To date, we have not generated any revenues and we remain in the exploration stage. Our ability to pursue our business plan and generate revenues is subject to our ability to obtain additional financing, and we cannot give any assurance that we will be able to do so.
Material Changes in Financial Condition from January 31, 2008 to October 31, 2008
We had cash and cash equivalents in the amount of $279,995 as of October 31, 2008 compared to $1,265,187 as of January 31, 2008. We had negative working capital of $(1,829,975) as of October 31, 2008 compared to $(505,662) as of January 31, 2008. The reduction in our cash and working capital balances resulted from payment of annual rentals on mineral claims in Arizona, operating expenses and repayments on the May 2007 Convertible Notes. During the nine months ended October 31, 2008 we paid approximately $400,000 cash and issued 96,029,679 shares of our common stock to the holders of the May 2007 Convertible Notes for the monthly payment of principal and accrued interest. During the nine months ended October 31, 2008 we paid approximately $220,000 for annual rentals on mineral claims in Arizona, purchased equipment costing approximately $75,000 and made approximately $80,000 in debt service payments on debt obtained to purchase equipment in prior years. The remaining change in our cash balance is due to outflows for operations in excess of the cash inflow from the sale of the August 2008 Convertible Promissory Notes.
We will require additional funds to implement our exploration operations. These funds may be raised through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our shares. The May 2007 Convertible Notes and August 2008 Convertible Notes contained restrictions on raising new capital from the sale of registered stock to other investors. We are also limited to raising up to $7,000,000 in private placement funds during the 2 year term of the May 2007 Convertible Notes. We are also required to pay up to $3,000,000 of the unpaid principal and interest on the May 2007 Convertible Promissory Notes and the August 2008 Convertible Promissory Notes before paying any other expenses if we are successful in raising capital. Another factor making it difficult for us to raise capital is that currently, we have only 6,053,294 common shares that are not issued of our 200,000,000 total authorized shares of common stock. We would need to increase our authorized capital in order to do an equity financing. These restrictions may make it difficult for us to raise the cash required to proceed with our planned exploration activities.
Material Changes in Results of Operations from October 31, 2008 to October 31, 2007
We had a net loss of $(3,363,766) for the nine months ended October 31, 2008 compared to a net loss of $(3,979,256) for the nine months ended October 31, 2007 resulting in a decrease in net loss of $615,490. Our results of operations can vary greatly from period to period depending on the type and location of exploration activities being performed. The decrease in net loss was largely due to these factors:
1) A decrease in net loss from operations of approximately $890,000 is largely due the reduction of geological and geophysical exploration costs. Our ability to perform exploration activities during the nine months ended October 31, 2008 was limited due to the lack of cash available. During the current year we did not perform any significant exploration project on our North Pipes claims, while last year we had the cash resources available to perform exploratory drilling, geochemical sampling, and geological mapping at our North Pipes project.
2) We earned $300,000 during the nine months ended October 31, 2008 as income from the Elle Venture for agreeing to enter into another modification to the joint venture agreement and canceling the subcontracting agreement. This is a not a recurring transaction, has not been earned in the past, and is not expected to be earned again in the future.
Critical Accounting Policies
The condensed consolidated financial statements of Liberty Star Uranium & Metals Corp. (formerly Liberty Star Gold Corp.) have been prepared in conformity with accounting principles generally accepted in the United States of America. Our significant accounting policies are described in Note 3 to the condensed consolidated financial statements included in Item 1 in this Form 10-Q. The critical accounting policies adopted by our company are as follows:
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Going Concern
Since we have not generated any revenue, we have negative cash flows from operations, and negative working capital we have included a reference to our ability to continue as a going concern in connection with our consolidated financial statements for the period ended January 31, 2008. Our total stockholders' deficit at October 31, 2008 was $(690,461). All exploration costs are expensed as incurred.
These condensed consolidated financial statements have been prepared on the going concern basis, which assumes that adequate sources of financing will be obtained as required and that our assets will be realized, and liabilities settled in the ordinary course of business. Accordingly, these condensed consolidated financial statements do not include any adjustments related to the recoverability of assets and classification of assets and liabilities that might be necessary should we be unable to continue as a going concern.
Mineral claims
The Company accounts for costs incurred to acquire, maintain and explore mineral properties as charged to expense in the period incurred until the time that a proven mineral resource is established at which point development of the mineral property would be capitalized. Currently, the company does not have any proven mineral resources on any of its mineral properties.
Convertible promissory notes
The Company accounts for convertible promissory notes in accordance with Statement of Financial Accounting Standards No. 150 ("SFAS 150"). The Company reviewed the convertible promissory notes and the related subscription agreement to determine the appropriate reporting within the financial statements. The notes are reported as liabilities stated at fair value. The Company determined that reporting the notes as equity would not be appropriate as the conversion of the notes into common stock was not guaranteed. No gain or loss is reported when the notes are converted into shares of the Company's common stock in accordance with the note's original terms.
View: Annual Data | Quarterly Data All numbers in thousands
PERIOD ENDING 31-Oct-08 31-Jul-08 30-Apr-08 31-Jan-08
Total Revenue - - - -
Cost of Revenue 581 590 263 839
Gross Profit (581) (590) (263) (839)
Operating Expenses
Research Development - - - -
Selling General and Administrative 154 178 155 182
Non Recurring - - - -
Others 71 71 72 56
Total Operating Expenses - - - -
Operating Income or Loss (806) (839) (490) (1,077)
Income from Continuing Operations
Total Other Income/Expenses Net 60 235 6 18
Earnings Before Interest And Taxes (746) (604) (484) (1,060)
Interest Expense 517 490 523 659
Income Before Tax (1,263) (1,094) (1,007) (1,719)
Income Tax Expense - - - -
Minority Interest - - - -
Net Income From Continuing Ops (1,263) (1,094) (1,007) (1,719)
Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income (1,263) (1,094) (1,007) (1,719)
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares ($1,263) ($1,094) ($1,007) ($1,719)