First Liberty Power to Acquire Additional Interest in Key Subsidiaries
July 21 2014 - 1:30PM
First Liberty Power Corp. (FLPC: OTCQB), a diversified exploration,
development and mining company focused on strategic minerals for
America's future, has announced the completion of negotiations to
obtain majority interests in key subsidiaries.
First Liberty Power CEO Don Nicholson provided
details of this major step forward. "I am pleased to announce
that First Liberty Power has reached an agreement, in principle, to
acquire the controlling interest of Stockpile Reserves LLC, Central
Nevada Processing Co. LLC and SG8 Exploration LLC (collectively the
"LLC Companies") from the three major shareholders of the LLC
Companies," Nicholson said. "This is an all-stock transaction, with
the maximum consideration for a 100% interest in the LLC Companies
not to exceed 15,000,000 shares of the common stock of First
Liberty Power. The remaining minor shareholders of the LLC
Companies will be provided an opportunity to divest of their
interests on the same terms. First Liberty presently holds a
50% interest in the LLC Companies, and will hold at least an 86.5%
/ 94% / 94%, and up to a 100% interest, respectively."
The closing of the transaction is expected to
take up to 30 days to complete the procedural requirements, after
which time all management and operational decisions concerning the
Fencemaker mine, development of mineral processing operations in
Lovelock, and exploration of the properties held by SG8 Exploration
will be undertaken by First Liberty Power. Additionally, the
Company has completed the formation of four wholly-owned
operational subsidiaries: First Liberty Properties Ltd., First
Liberty Exploration & Development Corp., First Liberty Mining
Corp. and First Liberty Mineral Processing Corp.
Nicholson noted the purpose of the new business
structure. "These four subsidiaries will operate independently of
the LLC Companies in undertaking all other developmental and
operational activities of First Liberty Power," Nicholson
said. "However, aspects of each of the LLC Companies will
likely be integrated into the subsidiaries over time as a means of
improving overall efficiencies."
In a separate matter, having obtained unanimous approval of the
Board of Directors and the consent of the majority voting power of
the Company's shareholders, First Liberty Power has commenced the
process (Preliminary 14C filed with the SEC on July 14, 2014) to
amend the Company's Articles of Incorporation to increase the
quantity of common shares available to the Company.
http://www.firstlibertypower.com/investors/filings/
First Liberty Power Board Chairman Bob Reynolds provided details
of the authorized share increase. "The acquisition of the LLC
Companies, combined with ongoing discussions with potential
financers and contractual obligations for share reserves from
current debt holders, has provided the board with the impetus to
increase the A/S limit by 420,000,000 shares," Reynolds said.
"The purpose of the increase is to clearly communicate the
Company's intention to advance the business and develop its
significant portfolio of mineral properties."
First Liberty Power will continue to use Pathways of
Progress announcements to make public Company details and
advancements in their operations.
ABOUT FIRST LIBERTY POWER CORPORATION
(OTCQB: FLPC): First Liberty Power Corporation is a
diversified exploration, development and mining company focused on
bringing to market strategic minerals for America's Future.
First Liberty Power's corporate philosophy is founded on a
methodology of open and transparent procedures designed to drive
the company's exploration, development and mining operations, while
ensuring safety, environmental integrity, and good governance.
Included in that philosophy is Pathways of Progress (POP), a
platform used to inform shareholders, investors and mining partners
of FLPC news and advancements through open and transparent
communication. First Liberty is focused on exploring and
developing antimony and other strategic metal projects and
properties.
www.firstlibertypower.com
www.facebook.com/FirstLibertyPower
https://twitter.com/FirstLibertyOTC
Notice Regarding Forward-Looking
Statements
This current report contains "forward-looking
statements," as that term is defined in Section 27A of the United
States Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this press release which are
not purely historical are forward-looking statements and include
any statements regarding beliefs, plans, expectations or intentions
regarding the future plans of the company, the prospects for our
mineral properties, and our ability to raise necessary working
capital. Actual results could differ from those projected in any
forward-looking statements due to numerous factors, including the
inherent uncertainties associated with mineral exploration and
difficulties associated with obtaining financing on acceptable
terms. We are not in control of metals prices and these could vary
to make development uneconomic. These forward-looking statements
are made as of the date of this news release, and we assume no
obligation to update the forward-looking statements, or to update
the reasons why actual results could differ from those projected in
the forward-looking statements. Although we believe that the
beliefs, plans, expectations and intentions contained in this press
release are reasonable, there can be no assurance that they will
prove to be accurate. Investors should consult all of the
information set forth herein and should also refer to the risk
factors disclosure outlined in our most recent annual report for
our last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the SEC.
CONTACT: Robert Reynolds(800)709-1196
First Liberty Power Corp
ir@firstlibertypower.com
Thomas Dean(646)396-9615
Murdock Capital Partners
tdean@murdockcapital.com