Liberty Star Uranium & Metals Enters into Promissory Note Agreement

Liberty Star Uranium & Metals Corp. (OTCMKTS:LBSR) announced on October 23, 2024, that the company entered into an unsecured interest-bearing Promissory Note with 1800 Diagonal Lending LLC. In accordance with the agreement, the Company issued a promissory note to 1800 Diagonal with a principal amount of $97,200. The note, effective October 22, 2024, carries an interest rate of 10% and includes a 16.67% Original Issue Discount, maturing on July 30, 2025.

Under the terms of the Note, the outstanding principal and accrued interest will be settled in four set monthly cash payments starting six months from the effective date. Notably, the note allows for prepayment without any penalty. Furthermore, in the event of default, the agreement stipulates that the debt may be convertible into shares of Liberty Star Uranium & Metals Corp.’s common stock.

The full details of the agreement, including the terms of the Note and the Securities Purchase Agreement, have been documented in Exhibits 3.52 and 3.53 respectively, and are accessible in the Current Report on Form 8-K filed by the company. These documents provide a comprehensive overview of all parties’ rights and obligations as outlined in the agreement.

The company has also confirmed the creation of a direct financial obligation as a result of this agreement, as per Item 2.03 of the Current Report on Form 8-K. The financial statements and relevant exhibits related to this transaction are included in the filing for full transparency.

Investors and stakeholders can refer to the disclosed Exhibits, which are part of the Current Report on Form 8-K, for detailed insights into the terms and conditions of the recent agreement between Liberty Star Uranium & Metals Corp. and 1800 Diagonal Lending LLC.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Liberty Star Uranium & Metals’s 8K filing here.

About Liberty Star Uranium & Metals

Liberty Star Uranium & Metals Corp., a mineral resource company, engages in the acquisition and exploration of mineral properties in Arizona and the Southwest of the United States. The company explores for copper, molybdenum, gold, silver, lead, zinc, manganese, and other metals, including rare earth elements.