For Wednesday, August 11th
BMGP, ELRA, SMNG, TADF, YESD
ICOP, APTD, GDSM, NXXI, VCTY, LBSR
Our Stocks to Watch today include Biomagnetics Diagnostics Corp. (OTC: BMGP), Elray Resources Inc. (OTCBB: ELRA), Strategic Mining Corp. (OTC: SMNG), Tactical Air Defense Services Inc. (OTCBB: TADF), YesDTC Holdings Inc. (OTCBB: YESD), ICOP Digital Inc. (Nasdaq: ICOP), AlphaTrade.com (OTCBB: APTD), Gold Coast Mining Corp. (OTC: GDSM), Nutrition 21 Inc. (NASD: NXXI), Videolocity International Inc. (OTC: VCTY) and Liberty Star Uranium & Metals Corp. (OTCBB: LBSR).
FEATURED COMPANY
BIOMAGNETICS DIAGNOSTICS CORPORATION (OTC: BMGP)
"Up 3.57% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/BMGP.php
Company Profile: http://www.otcpicks.com/Biomagnetics-Diagnostics.htm
Biomagnetics Diagnostics Corporation is an advanced medical device and biotechnology company. The Company's revolutionary diagnostic systems, which are based on advanced magnetics, test for any viral or bacterial disease using any body fluid. The Company's technology allows laboratories to perform far more tests in the same amount of time it takes to do a single test. The HTS-MTP platform is designed to detect the actual virus and viral load in body fluids and not just simply screen for the presence of viral antibodies.
BMGP News:
July 26 - Biomagnetics Provides Investor Update
Biomagnetics Diagnostics Corp. (OTC: BMGP), a developer of revolutionary diagnostic systems and other innovative technologies, provided the following updates on corporate activities.
Clayton Hardman, CEO of Biomagnetics commented, “We have recently completed a thorough review with our auditors, results which will soon be open for review. This will be the first step in becoming a fully reporting company and being listed on the OTCBB. Full transparency is critical as we expand and move forward with planned acquisitions. Over the coming weeks and months you will see substantial developments from our company. We believe we are on the leading edge in revolutionizing tuberculosis diagnostics throughout the world in partnership with Los Alamos National Laboratories. We are equally excited about introducing to the world revolutionary biodegradable plastic film and several “green” bio-fuel formulations all of which hold the promise to significantly reduce pollution. It is clearly a very exciting time for our shareholders. Below, we have provided a detailed update of some of our recent corporate activities.”
Corporate legal staff has already completed the majority of the required Securities and Exchange Commission (SEC) filing information (Form 10) and expects to file with the SEC over the next few weeks.
Integrated Optical Biosensor Development (IOBS) - Biomagnetics continues to work toward development of the world's first integrated optical biosensor for the detection of disease causing pathogens. Biomagnetics is aggressively working with the staff of Los Alamos National Security, LLC to arrange a joint conference call or webinar to discuss this project with both the medical and investment communities.
Zhuhai Oil New Energy Science and Technology, LTD Acquisition - Biomagnetics recently announced the signing of a letter of intent to acquire Zhuhai, an innovative designer and producer of low carbon biofuels. Today, the companies are releasing test results on these unique biofuel blends. According to China National Vehicle Pollutant Emission Standards, idling nitrous oxides cannot exceed 200 ppm for light duty gasoline vehicles. Recent tests using the Zhuhai low carbon gasoline blend produced test results of only 6 to 27 ppm. The high idle standard is for less than 150 ppm, with the Zhuhai blend product testing at 3 to 15 ppm. The Zhuhai gasoline product also significantly reduced carbon emissions with test results of 0% to 0.2%, versus the maximum national carbon emissions standard of 0.5%. As was announced on July 21, biofuel production at the plant was recently increased to 60 metric tons per hour. It is estimated the average pretax profit per ton of various fuel blends that will be sold to power plants and other industrial users will range between 700 RMB and 1,300 RMB per ton. The companies recently completed additional negotiations toward the closing of this merger, which included an agreement to allow Biomagnetics to manage the process of filing all U.S. patent applications for these low carbon biofuels.
Lanzhou Sanhuan New Technology Acquisition – On July 12th, Biomagnetics announced the signing of a letter of intent to acquire Lanzhou Sanhuan, the developer and patent holder of a unique highly degradable, PVA plastic film with unique gas permeation reduction features. Biomagnetics has recently completed its initial legal review of the patent held by Lanzhou, the status of current production levels and the validity of the ongoing Chinese government agriculture-related contract for a significant amount of Lanzhou PVA film. As a result of this review, Biomagnetics will move forward with a formal offer for the Company.
Additional Acquisitions - Biomagnetics is today announcing its intent to move toward an acquisition related to the manufacturing inputs for the Lanzhou PVA film while reviewing an additional proposed acquisition relating to the production of bio-fuels in China. This additional bio-fuel acquisition is designed to provide a limited level of vertical integration in order to better meet strong demand required by a local Guangdong electric power station that has agreed to place a significant order for the cleaner burning Zhuhai biofuel blend.
Relative to the acquisition of Lanzhou and Zhuhai, Biomagnetics will issue a total of 20 million shares of common stock and has agreed to capitalize these two operations with $2 million in capital of over the next 90 days. The Company believes these acquisitions will be highly accretive to earnings and will result in a significant addition to shareholder value.
FEATURED COMPANY
ELRAY RESOURCES INCORPORATED (OTCBB: ELRA)
Detailed Quote: http://www.otcpicks.com/quotes/ELRA.php
Company Profile: http://www.otcpicks.com/Elray-Resources.htm
Elray Resources, Inc. is a junior exploration and development Corporation which has successfully accumulated a portfolio of four highly prospective, heavily mineralized mining tenements in Cambodia and Mexico. Elray Resources primary objective is to source potential and viable projects, conduct geological assessments and seek Joint Venture partners to develop the properties. Elray Resources 100% controlled entity in Cambodia is Angkor Wat Minerals Ltd.
ELRA News:
August 9 - Elray Resources Identifies Three Types of Gold Veins at Picacho Property in Ecuador
Attractive Investment Opportunities Exist in Ecuador's Mining Sector
Elray Resources, Inc. (OTCBB: ELRA), a global exploration and production mining company with a portfolio of valuable properties, is pleased to provide the following information on the three main types of gold veins that have been identified to date in the district:
1. Veins of quartz with pyrite disseminated, clorite of lesser importance with stripes, bands and patches.
2. Veins of quartz with abundant pyrite and little calcopyrite, the lead ore and esphalerite are present as bands, patches and thick disseminations.
3. Carbonate veins with a thick gangue of calcite and calcite-quartz, at times with lead ore, esphalerite and thick clorite located at one side of pyrite.
As a general rule, gold is present as fine particles, smaller than size of a mesh No. 100. Locally the mineralization of gold is present in the wallrock in the northeast area of the faults and fractures trace.
Ecuador's mineral wealth is second only to its oil wealth. Until now, mining has been relatively scarce in Ecuador because most mining potential resided in the ecologically sensitive and remote Amazon rainforest. Recent new mining laws have opened the door for foreign companies to allow for sustainable, environmentally controlled exploration and development of globally accepted mining standards.
FEATURED COMPANY
STRATEGIC MINING CORPORATION (OTC: SMNG)
Detailed Quote: http://www.otcpicks.com/quotes/SMNG.php
Company Profile: http://www.otcpicks.com/Strategic-Mining.htm
Strategic Mining Corporation is engaged in the exploration and development of gold properties in Vietnam, the US (Nevada/Utah) and Africa. The company intends to expand by acquiring mineral rights to other key properties and by initiating strategic joint ventures.
SMNG News:
August 10 - Strategic Mining Announces Filing of Form 10-A with the SEC and Moves to OTCQB Tier
Strategic Mining Corp. (OTC: SMNG) announced that it has filed the amendment (10a) to the Form 10 that includes first quarter financials on August 9, 2010. The filing of the Form 10a immediately moves the company to the OTCQB tier with current status. The company has also sent a response letter to the SEC in order to continue the process to move to the Bulletin Board.
The company filed a Form 10 with the SEC on April 30 to initiate the process to move to the Bulletin Board. As of June 30, Strategic Mining is subject to all of the reporting requirements of the Securities Exchange Act of 1934. The Bulletin Board reaches a much wider audience both domestically and internationally. Strategic Mining is now a reporting company offering more transparency while investors and their brokers would have greater ease and less restrictions to monitor, buy and sell the company's stock.
President, Todd Sterck commented: "We are pleased to now be under the jurisdiction of the SEC with full transparency to the investment community. We look forward to be listed on the Bulletin Board and are taking all the necessary steps to accomplish this goal."
FEATURED COMPANY
TACTICAL AIR DEFENSE SERVICES INCORPORATED (OTCBB: TADF)
Detailed Quote: http://www.otcpicks.com/quotes/TADF.php
Company Profile: http://www.otcpicks.com/Tactical-Air-Defense.htm
Tac-Air is a privately-held Aerospace/Defense Services contractor founded by a group of former Navy, Marine, and Air Force Weapon's School Instructors, which has won and successfully executed multiple Aerospace/Defense contracts by divisions of the U.S. Department of Defense.
TADF News:
August 5 - Tactical Air Defense Submits Proposal to Purchase Military Aircraft
Tactical Air Defense Services, Inc. (OTCBB: TADF), an Aerospace/Defense Services contractor that offers air-combat training, aerial refueling, aircraft maintenance, disaster response services, and other Aerospace/Defense services to the United States and Foreign militaries and agencies, announced that it has submitted a proposal for the purchase of 12 Dassault Mirage military aircraft to the government of a foreign allied country.
To support its air services growth strategy, post-acquisition of Tactical Air Support, Inc., ("Tac-Air"), TADF believes that the acquisition of the 12 Mirage military aircraft would better position the Company, together with Tac-Air, to capture the aerial services contracts that it is currently pursuing or evaluating with the U.S. and foreign-allied governments.
The Mirage aircraft that TADF is negotiating to purchase are advanced super-sonic fighter jets that are used by militaries around the world. To know more about Dassault Mirage aircraft, please go to www.dassault-aviation.com/en/defense.html.
Alexis C. Korybut, Chief Executive Officer of TADF, stated, "We believe the acquisition of a fleet of Mirage aircraft, in conjunction with the military aircraft currently owned by Tac-Air, would position TADF to capture a much larger portion of the rapidly growing business of supplying aerial services to the U.S. and foreign militaries."
FEATURED COMPANY
YESDTC HOLDINGS INCORPORATED (OTCBB: YESD)
Detailed Quote: www.otcpicks.com/quotes/YESD.php
Company Profile: http://www.otcpicks.com/yesdtc-holdings/yesdtc-holdings.htm
YesDTC Holdings, Inc. is a direct-to-consumer marketing company specializing in direct response television (DRTV), Internet and retail marketing programs. The Company brings a unique set of skills to this marketplace. YesDTC combines both creative talents and financial acumen to create a total package for direct-to-consumer marketing programs. We have formed a strategic partnership with Schulberg Media Works (SMW), one of the pioneering firms in the direct-to-consumer space. SMW's track record is impressive with nearly $1 billion in revenues and a strong track record of industry awards. SMW campaigns include Tempur-Pedic, Guthy-Renker, Sony, 24-Hour Fitness, Rhino Records, HarperCollins, PureSleep, among many others.
YESD News:
August 5 - YesDTC Holdings Receives Notification of Japanese Class II Designation
YesDTC Holdings, Inc. (OTCBB: YESD), a direct-to-consumer marketer and global distributor of consumer goods and products, today announced it has been notified that the Japanese government agency in charge of medical device regulation has placed the ActiPatch™ Therapy and the Allay™ Menstrual Pain Therapy products manufactured by BioElectronics Corp, (OTC: BIEL) in the Class II category. YesDTC Holdings is the exclusive distributor for all Bioelectronics products in Japan.
"We are clearly excited to have been placed in the Class II category," commented YesDTC Holdings CEO, Joseph Noel. "The Class II designation will allow YesDTC to partner with other Japanese distributors that currently hold medical device licenses, thereby speeding our entry into the lucrative Japanese medical device market. With this designation, direct to consumer marketing without a healthcare provider's prescription is permitted and no further clinical trials will be needed. The pain relief product vertical is very large in Japan and the demand for non-drug based therapies very strong."
Beginning with the start of the third calendar quarter, YesDTC moved from the development phase into a revenue production phase. In addition to the Bioelectronics product line that will be marketed into Japan, YesDTC recently launched its first North American direct response television program, called Simply Music™ (www.trysimplymusic.com). YesDTC recently moved this program out of the test phase. The Company is currently in production for its second North American program for the MediPendant™ personal medical alarm, which is manufactured by Medical Alarm Concepts Holdings, Inc. (OTCBB: MDHI). YesDTC is currently developing several other direct response television programs and other marketing initiatives designed to significantly increase shareholder value.
STOCKS TO WATCH
ICOP DIGITAL INCORPORATED (NASDAQ: ICOP)
"Up 153.10% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/ICOP.php
ICOP Digital's products capture the true story. ICOP provides in car video solutions and mobile video solutions for use in the law enforcement, fire, EMS, public transit, and pupil transportation markets. With customers in 49 states in the U.S., ICOP solutions provide the highest quality video evidence through the use of state of the art digital imaging technology. The evidence captured is a critical component used by customers for the: conviction of criminals, enforcement of laws, reduction of crime, exoneration of personnel, and saving of litigation/settlement expenses.
ICOP News:
August 11 - US Homeland Security Selects ICOP
ICOP Digital, Inc. (Nasdaq: ICOP), an industry-leading company engaged in advancing digital surveillance technology solutions, announced the receipt of an initial order for the ICOP Model 20/20®-W in-car video systems from the US Department of Homeland Security. Due to the security nature of the project, ICOP agreed not to release details of the project until the Department releases its own press release. The order will outfit just over one hundred (100) vehicles, and will include recording of mobile video/audio, wireless uploading, live streaming video capability, and ICOP's video management software.
"Ease of use and the quality of the recorded video were the deciding factors in the selection of ICOP. This is an example of our shift in focus to key accounts and use of our products outside the standard police agency. This project is a significant advance for ICOP. ICOP is proud that our equipment will play a major role in helping to secure our nation," said Dave Owen, Chief Executive Officer at ICOP.
ALPHATRADE.COM (OTCBB: APTD)
"Up 5.88% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/APTD.php
AlphaTrade is a recognized financial data providing company specializing in real-time financial market data for the major North American exchanges and markets. AlphaTrade has developed a unique and innovative approach that connects people and data in a way that results in a measurable success for users of our tools. Companies seeking to expand their brand and gain exposure benefit from our dynamic marketing program that combines advertising with investor relations. We utilize a variety of digital media tools in combination with our financial products to accomplish the marketing task.
APTD News:
August 9 - AlphaTrade Pleased with Cash Positive Position
AlphaTrade (OTCBB: APTD) attributes its recent cash positive history in today’s current economic turmoil to the expansion of its cost effective corporate solutions and advertising. Where many companies are feeling the effects of what could only be described as a severe economic downturn, AlphaTrade.com continues to expand its advertising and corporate user client base.
“Our growth can be described as proficient, we offer cost effective solutions to both corporate and retail users. In addition, it is our goal in these tough economic times, to offer dollar-for-dollar the best product in the market.” stated CEO Gordon Muir.
GOLD COAST MINING CORPORATION (OTC: GDSM)
"Up 80.00% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/GDSM.php
Gold Coast Mining Corp. is pursuing mining acquisitions and joint ventures. The Company currently has a joint venture with Western Sierra Mining Corp. for its Ore Cache and SunGold Mines located in Arizona. The Company currently has 444,887,086 shares issued and outstanding.
GDSM News:
November 2 - Gold Coast Mining Announces Corporate Update
Gold Coast Mining Corp. (OTC: GDSM) gave the following corporate update:
The Company is pleased to announce that all dividend shares of Max Media Group, Inc. (OTC: MXMI) to shareholders of record on August 31, 2009 have been issued and released by Pacific Stock Transfer Company, MXMI's transfer agent. The Depository Trust Company is processing the distribution of the shares to shareholders who hold shares in brokerage firms or street name. The Company is distributing all shares to shareholders who hold shares in certificate form. All shares were issued and carry a Pay Date of September 30, 2009.
Jason Cooper, Interim CEO of Gold Coast Mining Corp., stated, "With the dividend in transit to shareholders, we are excited to focus all of our efforts on our joint venture projects, continued shareholder transparency and the goal of rebuilding shareholder value. The Company is in the process of preparing and completing its Quarterly Disclosure for the period ended September 30, 2009. We expect to file the Quarterly with Pink Sheets within the next 7-10 days."
Additionally, the Company is currently awaiting a shareholder loan of $25,000 that will be provided to Western Sierra for additional work on the Sun Gold Mine. Western will use the funds for the manpower, sample collection, crushing, grinding and transportation to Western's concentration tables in Lake Havasu. There Western has the tables, the water and the power for running the samples and reporting on the collected gold. Initially, Western expects to run two sample programs and send a small portion to an outside lab for evaluation. These will be surface samples of both the older workings and the exposed vein structures.
NUTRITION 21 INCORPORATED (NASD: NXXI)
"Up 53.02% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/NXXI.php
Nutrition 21, Inc., a nutritional bioscience company, develops, markets, and distributes clinically substantiated nutritional supplements in the United States. It focuses on research, development, and commercialization of chromium-based ingredients used in manufacturing multi-component products for the prevention and treatment of metabolic diseases stemming from insulin resistance. The company sells Chromax branded chromium picolinate to vitamin and supplement manufacturers and marketers, as well as directly to retailers for use in human and animal nutrition products. It also commercializes Diachrome as a nutritional complement to medical treatment for people with type 2 diabetes. In addition, the company offers a line of Omega-3 products, including Maximum Strength Omega-3 and Joint Relief Advanced Formula for promoting cardiovascular and joint health. It offers its products through direct response channels, including TV infomercials, radio, print, direct mail, and Internet e-commerce, as well as through retail distribution channel. In addition, it grants patent licenses to manufacturers of vitamin and mineral supplements. The company, formerly known as Applied Microbiology, Inc., was founded in 1983 and is headquartered in Purchase, New York.
NXXI News:
May 8 - Nutrition 21 Reports Fiscal Third Quarter 2008 Financial Results
Nutrition 21, Inc. (NASD: NXXI), the developer and marketer of nutritional supplements under the Iceland Health®, Chromax®, Advanced Memory Formula(TM) and Diabetes Essentials(TM) — brands that help consumers manage blood sugar levels, improve cardiovascular health, enhance memory and reduce chronic joint pain, today announced financial results for the third quarter of fiscal year 2008 ended March 31, 2008.
For the quarter ended March 31, 2008, the company reported total revenues of $10.8 million compared to $15.8 million in the comparable quarter a year ago. The year-ago quarter included a large one-time sale of Selenomax® High Selenium Yeast — without this sale, the year-ago revenues would have been $13.2 million.
The company reported a net loss of $8.2 million for the quarter ended March 31, 2008 or ($0.13) per fully diluted share compared to a loss of $2.2 million or ($0.04) per fully diluted share in the comparable quarter a year ago. Financial results for the quarter were impacted by approximately $3.2 million of one-time expenses, including a provision for inventory obsolescence within the retail business unit, a provision for possible settlements of outstanding litigations, and costs associated with the resignation of the former CEO.
At March 31, 2008, the company had $5.6 million in cash, investments and restricted cash compared to $9.5 million on December 31, 2007. For the quarter, net cash used in operating activities was ($2.4 million).
Total revenues for the nine months ended March 31, 2008 were $36.0 million compared to $29.6 million in the same period a year ago. The company's net loss for the nine months ended March 31, 2008 was $16.0 million, or $(0.26) per fully diluted share, compared to $11.0 million, or $(0.19) per fully diluted share, in the comparable period a year ago.
During the quarter the Company appointed Gerard Butler and Michael Fink as interim co-chief executive officers. Both Mr. Butler and Mr. Fink were executives at Prestige Brands Holdings, Inc., a marketer and distributor of brand name over-the-counter healthcare, personal care and household cleaning products sold throughout the U.S., Canada, and in certain international markets. They previously worked for Block Drug Company. They have extensive experience in the consumer and nutraceutical industry.
Peter Mann, a Director and consultant to the Company, said, "Nutrition 21 has reached an important inflexion point in its development. Over the past 18 months, the company has invested heavily in developing its formulas, its patent positions and its consumer business — both in the retail and direct response business units. All of this accomplishment has come at a significant cost. We are now ready to begin reaping the fruits of that investment. Our new top management has been tasked with achieving positive EBITDA (a non-GAAP measure defined as net earnings before interest, taxes, depreciation and amortization) and positive cash flow while maintaining steady revenue growth. We're pleased with the progress already made after only six weeks and are optimistic that future financial results will show an immediate and significant improvement."
"Our strategic vision," Michael Fink, co-chief executive officer of Nutrition 21, Inc., said, "is to leverage the Company's significant expertise in the direct response business to more aggressively build the Iceland Health franchise. Over the next 12 months, we plan to support the Iceland Health business with strong marketing spends consistent with achieving profitability. Additionally, we plan to introduce new products into the direct response business. As these products prove successful in direct response, we will introduce them into retail distribution. We believe this strategy will generate greater efficiencies from the marketing dollars that we spend, enabling us to successfully create brand identity in a cost-effective manner."
Gerard Butler, co-chief executive officer of Nutrition 21, said, "Over the course of the next six months, we intend to re-brand all of our existing products in the food, mass and drug channels under the Iceland Health name. Iceland Health has developed a strong franchise with consumers over the years, and this represents a significant opportunity for our existing products to benefit from Iceland Health's reputation for quality and consumer loyalty. We believe this is another opportunity to leverage our marketing spend in a more efficient manner. Our expectation is to support the Iceland Health brand in direct and retail channels with strong marketing spending consistent with profitability."
"On another front," continued Mr. Butler, "in the future, we plan to expand our ingredient portfolio with unique formulations. Our customers have a large group of brand name products that feature our ingredients as 'value-added' components, including a number of brands that use our Chromax trademark on their labels. We expect to market our ingredients portfolio on a wider scale and attract more brand name products that can be enhanced by the addition of a Nutrition 21 ingredient."
Mr. Fink added, "With a strong focus on managing cost and increasing operating efficiencies, we expect to successfully drive our products through both the direct-to-market and the retail channels in the most cost-efficient manner with the goal of achieving profitability at the earliest possible date."
Mr. Mann concluded, "While it is the policy of Nutrition 21 not to provide detailed forward-looking financial guidance, the Company believes it is important for all investors to have reasonable visibility into the future outlook for the business. The Company expects that EBITDA will approach breakeven in the June 2008 quarter, while June quarter revenues are estimated to be in the same general range as the preceding quarter. Looking forward to the fiscal year ending June 30, 2009, the Company anticipates relatively stable revenues with consistently positive EBITDA."
VIDEOLOCITY INTERNATIONAL INCORPORATED (OTC: VCTY)
"Up 3.45% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/VCTY.php
Videolocity International, Inc. develops, manufactures and markets digital entertainment systems. The company develops the Videolocity Digital Entertainment System which delivers video on demand, Internet access, digital music on demand, games, Web surfing, and various e-commerce applications, as well as customer-specific informational and educational content. Videolocity International, Inc. was founded in 2000 and is based in Park City, Utah.
VCTY News:
August 4 - Videolocity International, Inc. (VCTY) Hosted a GEM Securities Workshop
Videolocity International, Inc.'s (OTC: VCTY) subsidiary, Tactician University, hosted "GEM Executives Seminar" on issues within the Growth Enterprise Market (GEM).
Growth Enterprise Market (GEM) is a stock market set up by Hong Kong Stock Exchange for growth companies that do not fulfill the requirements of profitability or track record, and this stock market adheres to a strong disclosure regime of the business progress.
In order to hold up to high quality of this seminar, Tactician University Think Tank invited well-known securities companies and the Shenzhen Stock Exchange investment banking experts as seminar lecturers.
The Tactician University had set up this 7 day seminar for the GEM Executives, with courses focusing on GEM policy interpretation, listing requirements, trading and regulation, a comparison of various types of capital markets. The seminar hosted over 100 business professionals with the cost of 10,000 RMB (approximately 1,500 USD) per participant.
With China opening to the world and shifting towards the fast-paced economy, the think tanks such as Tactician University gain ground on the market for research, mediation and bridging between the policy makers and the public. Tactician University expects to continue its market growth and deliver solutions towards social, economic and political issues that develop with the swift shifts currently happening in China.
LIBERTY STAR URANIUM & METALS CORPORATION (OTCBB: LBSR)
"Up 21.05% in morning trading"
Detailed Quote: http://www.otcpicks.com/quotes/LBSR.php
Liberty Star Uranium & Metals Corp. engages in the acquisition and exploration of mineral properties in Arizona and Alaska. It holds interests in North Pipes Super Project with 1,757 Federal lode mining claims in northern Arizona on the Arizona Strip; Big Chunk Super Project with 707 mineral claims in the Iliamna region of southwestern Alaska; and Bonanza Hills Project with 56 mineral claims in the Iliamna region of southwestern Alaska. The company focuses on the exploration of uranium, copper, gold, molybdenum, silver, and zinc properties. Liberty Star Uranium & Metals Corp. was founded in 2001 and is based in Tucson, Arizona.
LBSR News:
July 8 - Liberty Star Pays out Creditors, Contracts with Northern Dynasty Minerals Ltd.
Liberty Star Uranium & Metals Corp. (OTCBB: LBSR) (The “Company”) announces that it has tendered into escrow full payout to its Secured Lenders under convertible notes issued on May 11, 2007, August 28, 2008, May 21, 2009 and August 14, 2009. Those notes had been declared in default (NR 94). All security held by the Secured Lenders is in the process of being released against payment of the escrowed funds.
In order to pay out its former lenders, the Company has sold 60.7 square kilometers (23.4 square miles out of the Company’s original 177 square miles, or 13% of its Big Chunk and Bonanza Hills acreage) in consideration for both $1,000,000 cash payment and a convertible loan from Northern Dynasty Minerals Ltd. (“Northern Dynasty”) in the amount of $3,000,000. The purchase of the claims and the loan are interdependent. The loan is secured by the Company’s Big Chunk and Bonanza Hills properties in Alaska and accrues interest at 10% per annum.
As part of the transaction noted above, subject to negotiating and signing a definitive earn-in option and joint venture agreement, Northern Dynasty can earn a 60% interest in the Company’s Big Chunk and Bonanza Hills projects in Alaska by spending $10,000,000 on those properties over six years. The borrowings from Northern Dynasty may be applied as part of Northern Dynasty’s earn-in requirements.
Northern Dynasty is a public company trading on the TSX (NDM) and NYSEAmex (NAK) and, together with Anglo American, is a 50% partner in the Pebble Limited Partnership and the Pebble copper-gold-molybdenum project in southwest Alaska. The Pebble property is located adjacent to the Company’s Big Chunk properties.
The Company continues to search for capital so that it can maintain and develop its Arizona properties, as well as the Alaska Big Chunk project.
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