UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported)   December 3, 2014
 
LIBERTY STAR URANIUM & METALS CORP.
(Exact name of registrant as specified in its charter)

Nevada
  
000-50071
  
90-0175540
(State or other jurisdiction
  
(Commission
  
(IRS Employer
of incorporation)
  
File Number)
  
Identification No.)

5610 E. Sutler Lane, Tucson, Arizona 85712
(Address of principal executive offices and Zip Code)

Registrant’s telephone number, including area code  520-731-8786

N/A
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
 
[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
 
[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
 

 
 
 

Item 1.01 Entry into a Material Definitive Agreement.
 
The information provided under Item 2.03 is responsive to the information required by this item.
 
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
 
On December 3, 2014, we entered into a note purchase agreement (the “Agreement”), whereby we agreed to issue a convertible note (the “Note”) to Tangiers Capital, LLC (the “Lender”) in the principal amount of $210,000 and to pay interest on the principal balance hereof (which principal balance shall be increased by the Lender’s payment of additional consideration as set forth in the Note and which increase shall also include the prorated amount of the original issue discount in connection with Lender’s payment of additional consideration) at the rate of 10%, all of which interest shall be deemed earned as of the date of each such payment of additional consideration by the Lender on December 3, 2016 (the “Maturity Date”), to the extent such principal amount and  interest have been repaid or converted into our company’s common stock, in accordance with the terms of the Note.  The Note is payable in full on the Maturity Date and bears interest at the rate of 10%per annum.  There is a $10,000 original issuance discount on the Note.
 
The initial purchase price will be $105,000 of consideration of which $100,000 will be remitted to our company and $5,000 shall be retained through the original issue discount.
 
The Note may be prepaid according to the following schedule: between 1 and 90 days from the date of execution, the Note may be prepaid for 110% of face value plus accrued interest; between 91 and 180 days from the date of execution, the Note may be prepaid for 130% of face value plus accrued interest; after 180 days from the date of execution until the Maturity Date, the Note may not be prepaid without written consent from the Lender.
 
The Note may be convertible into shares of common stock of our company at a price per share of 62.5% discount to the average of the daily volume weighted average price (“VWAP”) for the previous five trading days before the date of conversion.
 
We issued the securities to one U.S. person who is an accredited investor (as that term is defined in Rule 501 of Regulation D, promulgated by the Securities and Exchange Commission pursuant to the Securities Act of 1933, as amended, and in issuing these securities to this investor we relied on the registration exemption provided for in Rule 506 of Regulation D and/or Section 4(a)(2) of the Securities Act of 1933, as amended.
 
 
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Item 3.02  Unregistered Sales of Equity Securities.
 
The information provided under Item 2.03 is responsive to the information required by this item.
 
Item 8.01 Other Events.
 
On November 13, 2014, we entered into an Assignment of Promissory Note & Acknowledgment, whereby we consented to an assignment of a convertible promissory note dated November 18, 2013 (the “GCA Note”) held by GCA Strategic Investment Fund Limited to Tangiers Investment Group, LLC,  pursuant to which $250,000 remains owing by our company.  The maturity date of the GCA Note is extended to November 18, 2015.  The holder of the GCA Note may, at any time, convert any portion of the entire outstanding principal amount of the GCA Note into shares of common stock at the conversion price equal to the lesser of (a) 100% of the VWAP on the Closing Date, and (b) 70% of the average of the 5 day VWAP up to and including the day of conversion.
 

 
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SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
LIBERTY STAR URANIUM & METALS CORP.

By:             /s/ James Briscoe                                                      
James Briscoe, President, CEO and Director
Date:  December 15, 2014




 
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­Note: December 3, 2014


NEITHER THESE SECURITIES NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

THIS NOTE DOES NOT REQUIRE PHYSICAL SURRENDER OF THE NOTE IN THE EVENT OF A PARTIAL REDEMPTION OR CONVERSION.  AS A RESULT, FOLLOWING ANY REDEMPTION OR CONVERSION OF ANY PORTION OF THIS NOTE, THE OUTSTANDING PRINCIPAL AMOUNT REPRESENTED BY THIS NOTE MAY BE LESS THAN THE PRINCIPAL AMOUNT AND ACCRUED INTEREST SET FORTH BELOW.

10% CONVERTIBLE PROMISSORY NOTE

OF

LIBERTY STAR URANIUM & METALS CORP.


Issuance Date:  December 3, 2014
Total Face Value of Note: $210,000
Original Issue Discount: $10,000

This Note is a duly authorized Convertible Promissory Note of Liberty Star Uranium & Metals Corp., a corporation duly organized and existing under the laws of the State of Nevada (the “Company”), designated as the Company's 10% Convertible Promissory Note due December 3, 2016 (“Maturity Date”) in the principal amount of $210,000 (the “Note”).
 
For Value Received, the Company hereby promises to pay to the order of Tangiers Investment Group, LLC or its registered assigns or successors-in-interest (“Holder”) the principal sum of up to $210,000 and to pay “guaranteed” interest on the principal balance hereof (which principal balance shall be increased by the Holder’s payment of additional consideration as set forth herein and which increase shall also include the prorated amount of the original issue discount in connection with Holders payment of additional consideration) at the rate of 10%, all of which “guaranteed” interest shall be deemed earned as of the date of each such payment of additional consideration by the Holder on the Maturity Date, to the extent such principal amount and “guaranteed” interest have been repaid or converted into the Company's Common Stock, $0.00001 par value per share (the “Common Stock”), in accordance with the terms hereof.
 
                The initial purchase price will be $105,000 of consideration upon execution of the Note Purchase Agreement and all supporting documentation.  The sum of $100,000 shall be remitted and delivered to the Company, and $5,000 shall be retained by the Purchaser through an original issue discount for due diligence and legal bills related to this transaction.

 
 
                The parties may agree to the Holder advancing an additional amount of up to $105,000 (up to the face value of this Note) in minimum tranches of $55,000 within 270 days of execution of this Note. The principal sum (including the prorated amount of the original issue discount) owed by the Company shall be prorated to the amount of consideration paid by the Holder and only the consideration received by the Company, plus prorated “guaranteed” interest and other fees and prorated original issue discount, shall be deemed owed by the Company.  The original issue discount is set at 5% of any consideration paid. The Company is not responsible to repay any unfunded portion of this Note. In addition to the “guaranteed” interest referenced above, and in the Event of Default pursuant to Section 2(e), additional interest will accrue from the date of the Event of Default at the rate equal to the lower of 20% per annum or the highest rate permitted by law (the “Default Rate”).
 
This Note may be prepaid according to the following schedule: Between 1 and 90 days from the date of execution, this Note may be prepaid for 110% of face value plus accrued interest. Between 91 and 180 days from the date of execution, this Note may be prepaid for 130% of face value plus accrued interest. After 180 days from the date of execution until the Due Date, this Note may not be prepaid without written consent from the Holder.  Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day (as defined below), the same shall instead be due on the next succeeding day which is a Business Day.
 
For purposes hereof the following terms shall have the meanings ascribed to them below:
 
 “Business Day” shall mean any day other than a Saturday, Sunday or a day on which commercial banks in the City of New York are authorized or required by law or executive order to remain closed.
 
 “Conversion Price” shall be equal to 62.5% of the average of the volume weighted average prices of the Company’s common stock during the 5 trading days prior to the date on which Holder elects to convert all or part of the Note.  If the Company is placed on “chilled” status with the Depository Trust Company (“DTC”), the discount shall be increased by 5% until such chill is remedied. If the Company is not Deposits and Withdrawal at Custodian (“DWAC”) eligible through their Transfer Agent and the Depository Trust Company’s (“DTC”) Fast Automated Securities Transfer (“FAST”) system, the discount will be increased by 5%. In the case of both, the discount shall be a cumulative 10%.
 
 “Principal Amount” shall refer to the sum of (i) the original principal amount of this Note advanced (including the prorated amount of the original issue discount), (ii) all accrued but unpaid interest hereunder, and (iii) any default payments owing under the Note but not previously paid or added to the Principal Amount.
 
 
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“Trading Day” shall mean a day on which there is trading on the Principal Market.
 
“Underlying Shares” means the shares of common stock into which the Note is convertible (including interest or principal payments in common stock as set forth herein) in accordance with the terms hereof.
 
The following terms and conditions shall apply to this Note:
 
Section 1.00  Conversion.
 
(a) Conversion Right.  Subject to the terms hereof and restrictions and limitations contained herein, the Holder shall have the right, at the Holder's option, at any time which is 6 months or more after advance of funds, to convert the outstanding Principal Amount and interest under this Note in whole or in part with respect only to the portion of Principal Amount advanced at least 6 months prior to conversion.
 
(b) The date of any Conversion Notice hereunder and any Payment Date shall be referred to herein as the “Conversion Date”.
 
(i) Stock Certificates or DWAC.  The Company will deliver to the Holder, or Holder’s authorized designee, no later than 2 Trading Days after the Conversion Date, a certificate or certificates representing the number of shares of Common Stock being acquired upon the conversion of this Note.  The certificate(s) shall be free of restrictive legends and trading restrictions as long as a corresponding legal opinion is supplied by a licensed attorney, which authorizes the removal of the restricted legend.  The Holder shall be responsible to obtain its own legal opinion and will bear any costs associated with the legal opinion.    In lieu of delivering physical certificates representing the shares of Common Stock issuable upon conversion of this Note, provided the Company's transfer agent is participating in the Depository Trust Company (“DTC”) Fast Automated Securities Transfer (“FAST”) program, upon request of the Holder, the Company shall use commercially reasonable efforts to cause its transfer agent to electronically transmit such shares issuable upon conversion to the Holder (or its designee), by crediting the account of the Holder’s (or such designee’s) prime broker with DTC through its Deposits and Withdrawal at Custodian (“DWAC”) program (provided that the same time periods herein as for stock certificates shall apply).
 
(ii)   Charges, Expenses.  Issuance of Common Stock to Holder, or any of its assignees, upon the conversion of this Note shall be made without charge to the Holder for any issuance fee, transfer tax, postage/mailing charge or any other expense with respect to the issuance of such Common Stock. Company shall pay all Transfer Agent fees incurred from the issuance of the Common stock to Holder and acknowledges that this is a material obligation of this Note.
 
If the Company fails to deliver to the Holder such certificate or certificates (or shares through DTC) pursuant to this Section (free of any restrictions on transfer or legends) prior to 3 Trading Days after the Conversion Date, the Company shall pay to the Holder as liquidated damages an amount equal to $500 per day, until such certificate or certificates are delivered, provided, however, that such liquidated damages will not be payable by the Company if the delay is caused by an Act of God or other event outside of the control of the Company. The Company acknowledges that it would be extremely difficult or impracticable to determine the Holder’s actual damages and costs resulting from a failure to deliver the Common Stock and the inclusion herein of any such additional amounts are the agreed upon liquidated damages representing a reasonable estimate of those damages and costs. Such liquidated damages will be automatically added to the Principal Amount of the Note.
 
 
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(c) Reservation and Issuance of Underlying Securities.  The Company covenants that it will at all times reserve and keep available out of its authorized and unissued Common Stock solely for the purpose of issuance upon conversion of this Note (and repayments in Common Stock), free from preemptive rights or any other actual contingent purchase rights of persons other than the Holder, not less than one times the number of shares of Common Stock as shall be issuable (taking into account the adjustments under this Section 1 but without regard to any ownership limitations contained herein) upon the conversion of this Note to Common Stock (the “Required Reserve”).  These shares shall be reserved in proportion with the consideration actually received by the Company and the total shares reserved will be increased with future payments of consideration by Holder to ensure the Required Reserve is met.  The Company covenants that all shares of Common Stock that shall be issuable will, upon issue, be duly authorized, validly issued, fully-paid, non-assessable and freely-tradable. If the amount of shares on reserve at the Transfer Agent for this Note in Holder’s name shall drop below the Required Reserve, the Company will, within 2 business days of written notification from Holder, instruct the Transfer Agent to increase the number of shares so that the Required Reserve is met.  The Company agrees that this is a material term of this Note and any breach of this will result in a default of the Note.
 
(d) Conversion Limitation.  The Holder will not submit a conversion to the Company that would result in the Holder owning more than 9.99% of the then total outstanding shares of the Company (“Restricted Ownership Percentage”).
 
Section 2.00                                 Defaults and Remedies.
 
(e) Events of Default.    An “Event of Default” is:  (i) a default in payment of any amount due hereunder which default continues for more than 5 business days after the due date; (ii) a default in the timely issuance of underlying shares upon and in accordance with terms hereof, which default continues for 3 Business Days after the Company has failed to issue shares or deliver stock certificates within the 3rd day following the Conversion Date; (iii) failure by the Company for 3 days after notice has been received by the Company to comply with any material provision of the Note Purchase Agreement; (iv) failure of the Company to remain compliant with DTC, thus incurring a “chilled” status with DTC; (v) if the Company is subject to any Bankruptcy Event; (vi) any failure of the Company to satisfy its  “filing” obligations under the rules and guidelines issued by OTC Markets News Service, OTC Markets.com and their affiliates; (vii) any failure of the Company to provide the Holder with information related to the corporate structure including, but not limited to, the number of authorized and outstanding shares, public float, etc. within 1 day of request by Holder; (viii) failure to have sufficient number of authorized but unissued shares of the Company’s Common Stock available for any conversion; (ix) failure of Company’s Common Stock to maintain a bid price in its trading market which occurs for at least 3 consecutive Trading Days; (x) any delisting for any reason; (xi) failure by Company to pay any of its Transfer Agent fees or to maintain a Transfer Agent of record; (xii) any trading suspension imposed by the Securities and Exchange Commission under Sections 12(j) or 12(k) of the 1934 Act; (xiii) any breach of Section 1.00 (c); or (xiv) any default after any cure period under, or acceleration prior to maturity of, any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company in excess of $100,000 or for money borrowed the repayment of which is guaranteed by the Company in excess of $100,000, whether such indebtedness or guarantee now exists or shall be created hereafter, which causes a material adverse effect on the Holder.
 
 
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  Remedies.  If an Event of Default occurs and is continuing with respect to the Note, the Holder may declare all of the then outstanding Principal Amount of this Note, including any interest due thereon, to be due and payable immediately without further action or notice. In the event of such acceleration, the amount due and owing to the Holder shall accrue interest on any unpaid principal from and after the occurrence and during the continuance of an Event of Default at a rate of 20%.The Company acknowledges that it would be extremely difficult or impracticable to determine the Holder’s actual damages and costs resulting from an Event of Default and any such additional amounts are the agreed upon liquidated damages representing a reasonable estimate of those damages and costs. The remedies under this Note shall be cumulative and automatically added to the principal value of the Note.

Section 3.00 General.
 
(f) Payment of Expenses.  The Company agrees to pay all reasonable charges and expenses, including attorneys' fees and expenses, which may be required to be incurred by the Holder in successfully enforcing this Note and/or collecting any amount due under this Note.
 
(g) Assignment, Etc.  The Holder may assign or transfer this Note to any transferee at its sole discretion.  This Note shall be binding upon the Company and its successors and shall inure to the benefit of the Holder and its successors and permitted assigns.
 
(h) Governing Law; Jurisdiction.
 
(i) Governing Law.  This note will be governed by and construed in accordance with the laws of the state of California without regard to any conflicts of laws or provisions thereof that would otherwise require the application of the law of any other jurisdiction.
 
(ii)Jury Trial.  The parties agree to trial by jury with respect to any litigation based on, or arising out of, under, or in connection with, this note to be held in San Diego County, California.




 
 
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IN WITNESS WHEREOF, the Company has caused this Convertible Promissory Note to be duly executed on the day and in the year first above written.


LIBERTY STAR URANIUM & METALS CORP.


By:          /s/ James Briscoe                                                                          
                                                                                               Name:     James Briscoe
Title:       President, CEO and Director
Date:       December 3, 2014


This Note is acknowledged as:                                                    Note of December 3, 2014






 
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EXHIBIT A – FORM OF CONVERSION NOTICE

(To be executed by the Holder in order to convert that certain $210,000 Convertible Promissory Note identified as the Note)

DATE:                                ____________________________

FROM:                                Tangiers Investment Group, LLC

 
Re:
$210,000 Convertible Promissory Note (this “Note”) originally issued by Liberty Star Uranium & Metals Corp., a Nevada corporation, to Tangiers Investment Group, LLC on December 3, 2014.

The undersigned on behalf of Tangiers Investment Group, LLC, hereby elects to convert $_______________________ of the aggregate outstanding Principal Amount (as defined in the Note) indicated below of this Note into shares of Common Stock, $0.00001 par value per share, of LIBERTY STAR URANIUM & METALS CORP. (the “Company”) according to the conditions hereof, as of the date written below.  If shares are to be issued in the name of a person other than undersigned, the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by the Company in accordance therewith.  No fee will be charged to the holder for any conversion, except for such transfer taxes, if any.  The undersigned represents as of the date hereof that, after giving effect to the conversion of this Note pursuant to this Conversion Notice, the undersigned will not exceed the “Restricted Ownership Percentage” contained in this Note. The undersigned represents and warrants that it is an “accredited investor” as defined under US Securities Laws.

Conversion information:
    
Date to Effect Conversion

 
 
 
Aggregate Principal Amount of Note Being Converted

 
 
 
Aggregate Interest on Amount Being Converted

 
 
 
Number of Shares of Common Stock to be Issued

 
 
Applicable Conversion Price

 
 
Signature

 
 
Name

 
 
Address

 
 
 




 
ASSIGNMENT OF PROMISSORY NOTE & ACKNOWLEDGMENT
 
Whereas:
 
A.  
The undersigned, GCA Strategic Investment Fund Limited (the “Assignor”) is the holder of a convertible promissory note dated November 18, 2013 drawn by Liberty Star Uranium & Metals Corp. (the “Debtor”) and payable to the order of the Assignor in the principal sum of $250,000 (the “Note”);
 
B.  
The Debtor has asked the Assignor to assign the Note to Tangiers Capital, LLC of California (the “Purchaser”);
 
C.  
The undersigned wishes to assign the Note and all debts represented by the Note to the Purchaser in consideration of the sum of $250,000 (the “Consideration”); and
 
D.  
The parties acknowledge that upon execution of this Assignment of Promissory Note and Acknowledgement, and upon payment of the Consideration to the Assignor, the Purchaser will have all rights to the Note and all amounts due and payable under the Note, and the conversion privileges set out in the Note.
 
The parties hereto agreed that subject to the terms and conditions set forth in this Agreement, Assignor shall sell to Purchaser its ownership interest in the Note and its rights and obligations under the Securities Purchase Agreement (“SPA”) which accompanied the purchase of the Note, the Purchaser shall purchase from the Assignor the ownership interest in the Note and purchase the rights and assume the obligations under the SPA for an aggregate purchase price of $250,000.  Payment will be made by wire transfer of immediately available funds. The funds will be wired as set forth in Exhibit A, simultaneously with the delivery of the Note, on the date of execution of this Agreement. If however the purchase price is not received by the Assignor within 3 business days following the execution of this Assignment of Promissory Note and Acknowledgement, the transaction will be deemed to be cancelled and the Note, with all rights and remedies, will revert back to the Assignor.
 
1.  
The Assignor hereby represents and warrants to the Purchaser that:
 
(a)  
Rights in Note:  The Assignor has all rights as set out in the Note.
 
(b)  
Authority to Assign:  The Assignor has the power and authority to assign the legal and beneficial title to the Note to the Purchaser in the manner contemplated by this Assignment.
 
(c)  
Note to be Delivered:  The Assignor will deliver by courier the original of the Note currently in its possession or control to the Purchaser.
 
(d)  
Note Valid and Subsisting and in Effect:  The Note is valid and subsisting and in full force and effect.
 
(e)  
No Other Assignments:  The Assignor has not assigned or encumbered any of the Note.
 
 
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(f)  
Assignor’s Obligations Performed; Rights maintained:  The Assignor has fulfilled and performed all of the Assignor’s obligations and has maintained all of the rights in the Note. The principal amount of the Note was advanced to the Debtor on November 18, 2013.
 
(g)  
No Defaults:  The Assignor is not aware of any default by the Assignor or the Debtor under the Note.
 
(h)  
No Outstanding Disputes:  There are no outstanding disputes between the Assignor and the Debtor in respect of the Note.
 
   
          (i)
No Consents Required:  There are no consents required from any Person to the assignment of the Note as contemplated hereby.
 
(k)  
Authorized Signatory: The Assignor’s authorized signatory has executed this Assignment.
 
2.  
The Assignor hereby assigns absolutely to the Purchaser, all debts and sums of money now due or hereafter due to the Assignor under the Note and all rights and benefits of the Assignor in relation to the Note;
 
3.  
The Assignor hereby delivers to the Debtor the Note and confirms that it has no further interest in the Note and has no claim whatsoever against the Debtor.
 
4.  
Purchaser represents and warrants to Assignor as follows:
 
(a)  
Purchaser acknowledges that upon execution of this Agreement, it has completed its own investigation and undertaken any and all due diligence and has the requisite power and authority to enter into and to consummate the transactions contemplated by this transaction and otherwise to carry out its obligations hereunder.
 
(b)  
The Purchaser is acquiring the Note for investment for the Purchaser's own account and not with a view to, or for resale in connection with, any distribution thereof.
 
(c)  
The Purchaser understands that the shares issuable upon conversion of the Note (the "Restricted Shares") have not been registered under applicable state or federal securities laws, and is purchasing the Note and Restricted Shares pursuant to an exemption from the registration requirements of the Securities Act.
 
(d)  
The Purchaser has sufficient knowledge and experience of financial and business matters, is able to evaluate the merits and risks of the partial purchase of the Note and has had substantial experience in previous private and public purchases of securities.
 
(e)  
Authorization: Enforcement. (i) Purchaser has all requisite corporate power and authority to enter into and perform the Agreement and to consummate the transactions contemplated hereby and to purchase each Note, in accordance with the terms hereof,(ii) the execution and delivery of this Agreement by the Purchaser and the consummation by it of the transactions contemplated hereby (including, without limitation, the purchase of the Note by the Purchaser) have been duly authorized by the Purchaser and no further consent or authorization of the Purchaser or its members is required, (iii) this Agreement has been duly executed and delivered by the Purchaser, and (iv) this Agreement constitutes a legal, valid and binding obligation of the Purchaser enforceable against the Purchaser in accordance with its terms,  except  as  such  enforceability  may  be  limited  by applicable  bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally,  the enforcement  of  creditors'  rights  and  remedies  or  by other  equitable principles  of  general application.
 
 
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(f)  
No Conflicts. The execution, delivery and performance of this Agreement by the Purchaser and the consummation by the Purchaser of the transactions contemplated hereby will not (i) conflict with or result in a violation of any provision of its certificate of formation or other organizational documents, or (ii) violate or conflict with or result in a breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, note, bond, indenture or other instrument to which Purchaser is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any self-regulatory organizations to which Purchaser is subject) applicable to Seller or the Note is bound or affected. The Purchaser is not required to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency, regulatory agency, self-regulatory organization or stock market or any third party in order for it to execute, deliver or perform any of its obligations under this Agreement in accordance with the terms hereof.
 
5.  
Delivery of an executed copy of this instrument by electronic means, including by facsimile transmission or by electronic delivery in portable document format (“.pdf”), shall be equally effective as delivery of a manually executed copy of this instrument.  The parties acknowledge and agree that in any legal proceedings between them respecting or in any way relating to this instrument, each waives the right to raise any defense based on the delivery of this instrument by electronic means.
 

 
Dated at _____________ on November 13, 2014.
 

 
GCA STRATEGIC INVESTMENT                                                                                     TANGIERS CAPITAL, LLC
 FUND LIMITED
 

 
Per: /s/ Lew Lester                                                                                                                Per: /s/ Michael Sobeck
     Authorized Signatory                                                                                                            Authorized Signatory
 
 
Agreements of Debtor
 
1.  
The Debtor acknowledges and consents to the above assignment and acknowledges its indebtedness to the Assignor in the amount of $250,000.
 
2.  
The Debtor’s consent to the Assignment is made in consideration of the Debtor and the Purchaser agreeing to amend the Note as follows, and they do so agree:
 
(a)  
The Maturity Date of the Note is extended to November 18, 2015.
 
(b)  
Section 4.2 of the Note is deleted and replaced with the following: Conversion Price. At the Holder’s option, and at any time following the Restricted Period, the Holder may convert any portion or the entire outstanding principal amount of this Convertible Note into a number of shares of Common Stock at the conversion price equal to the lesser of (a) 100% of the Volume Weighted Average Price (the “VWAP”), as reported on the Closing Date hereof, and (b) 70% of the average of the 5 day VWAP including the day of conversion (the “Conversion Price”).
 
3.  
Any capitalized term that is not defined in this Assignment Agreement has the meaning as defined in the Note.
 
4.  
Each of the Debtor and the Purchaser warrant and represent that their duly authorized signatory has executed this Assignment.
 
5.  
In all other respects, the terms of the Note remain the same, with the Purchaser as the Holder.
 
Delivery of an executed copy of this instrument by electronic means, including by facsimile transmission or by electronic delivery in portable document format (“.pdf”), shall be equally effective as delivery of a manually executed copy of this instrument.  The parties acknowledge and agree that in any legal proceedings between them respecting or in any way relating to this instrument, each waives the right to raise any defense based on the delivery of this instrument by electronic means.
 
Dated on November 13, 2014.
 

 
LIBERTY STAR URANIUM                                                                         TANGIERS CAPITAL, LLC
& METALS CORP.
 

 
Per: /s/ James Briscoe                                                                                     Per: /s/ Michael Sobeck
       Authorized Signatory                                                                                     Authorized Signatory
 

 



 
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EXHIBIT A

This information intentionally deleted


 
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