Liberty Star Uranium & Metals

Liberty Star Uranium & Metals Corp. (LBSR:PINK) is an Arizona-based mineral exploration company engaged in the acquisition and exploration of mineral properties in the states of Arizona and Alaska. Currently the company controls properties totaling approximately 26,011 acres (about 41 square miles) which are located over what management considers some of North America’s richest mineralized regions for copper, gold, silver, molybdenum (moly), and uranium.

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Diverted funds...

almost 8 years ago

The company had no thoughts to using PP funds for anything other than drilling. I'm convinced of that. However, things happen. They failed to raise the PP funds they needed to advance the project along with the share price in time to meet other obligations - no deception intended.

Then, and though I've not played one on TV, the little bit of lawyer in me read nothing in the documents surrounding the PP that stated funds raised would be used exclusively for drilling. That may have then been the intent, but it was not warranted and binding in any way.

In other words, LBSR got stuck, is stuck between a rock and a hard place, and they are doing the best they can with the little they have.

As it is, only time will make this better, ...or much worse.