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CURRENT REPORT PURSUANT TO
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Item 8.01 Other Events
The “Company”, Liberty Star Uranium & Metals Corp. on April 22, 2022, reached terms of settlement of the litigation Case No. C20194139, involving our former CEO, James Briscoe, previously filed in the Superior Court of Arizona. Effective April 22, 2022, the company’s board of directors voted on, accepted and the settlement is now hereby approved, ratified, and confirmed.
Whereby a summary of the terms of that settlement is as follows:
| ● | Mr. Briscoe drops his demand for “accrued wages.” Please see LBSR 10Q & 10K financial reports for more details. | |
| ● | Mr. Briscoe drops his claim for payment of his credit card debt. Please see LBSR 10Q & 10K financial reports for more details. | |
| ● | Mr. Briscoe drops all other claims and waives and releases all claims, known or unknown. Please see LBSR 10Q & 10K financial reports for more details. | |
| ● | Mr. Briscoe will return title and possession of all the vehicles that he previously transferred to his name. Mr. Briscoe will also return to LBSR all LBSR property identified in our First Amended Complaint. This is the equipment list accounting for the Pima office property removed to Briscoe’s chosen storage facility, in Tucson. | |
| ● | LBSR will reinstate Mr. Briscoe’s stock options that expired following his resignation from the Board. This reinstatement will be on the same terms as originally issued, as evidenced in the August 10, 2010, Stock Option Agreement and October 11, 2016, Stock Option Agreement, each as adjusted for the February 25, 2021, reverse stock split, and pursuant to LBSR’s 2010 Stock Option Plan, except for the option exercise window, which will be expanded to 30 years. | |
| ● | LBSR will pay Mr. Briscoe a sum of $29,676.62 in 15 equal monthly installments. | |
| ● | Both parties will agree to a non-disparagement clause that expressly establishes prior consent to the Pima County Court’s jurisdiction for issuance of mandatory injunctive relief if an aggrieved Party reasonably believes this clause has been violated by the other Party whether such violation is done directly by the violating Party or via proxy. |
Brett Gross, President & CEO stated, “The Company has reached settlement of the litigation with James Briscoe on terms that the Company believes are very favorable and that provide for recovery of Company property, extinguish significant alleged Company debt to Mr. Briscoe and payment to Mr. Briscoe by the Company of under $30,000 in exchange for dismissal of all claims between the parties (other customary terms and conditions apply).”
SIGNATURES
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. | |
| Dated: April 27, 2022 | /s/ Brett Gross |
| Brett Gross, President & CEO |