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Las Vegas, NV, July 9, 2013 (GLOBE NEWSWIRE) -- First Liberty Power Corp. (OTCQB: FLPC), an innovative and diversified mine exploration and development company focused on "Mined in America" strategic industrial minerals, announced a Special Meeting of Stockholders is proposed to take place on July 31, 2013.
According to FLPC Board Chairman, Robert Reynolds, the purpose of the meeting is to involve and seek approval from the FLPC stockholders in amending the Company's articles of incorporation to increase the total authorized capital from 540,000,000 to 3,000,000,000, as well as to create the ability to issue up to 10,000,000 preferred shares.
"The Company's board of directors has extensively reviewed FLPC's objectives pertaining to near term production goals, mid to long term exploration and operational development, and its ability to consider accretive acquisitions should they come forth," Reynolds said. "The outcome was that the board agreed that FLPC requires the ability to enter into possible future financing arrangements that are beneficial to the company and its stockholders - thus the requirement for an increase in the authorized capital. Also, to further mitigate the risk of future capital raising activities, the 10,000,000 preferred shares with flexible structuring are being proposed as a key option to help secure investments without harmful dilution."
Reynolds added, "In keeping with our
Pathways of Progress initiative of encompassing best corporate practices and proactive decision-making to ensure the interests of FLPC investors, mining partners and stockholders, it was determined that the ideal approach is to directly involve and empower current FLPC stockholders in regards to determining the path forward. Furthermore, it is the judgement of management and the understanding of the board that this proposed modification to the structure will have the potential to create opportunities for near term beneficial financing opportunities."
The Special Stockholder's Meeting for all stockholders of record on July 3, 2013 will be conducted at 2pm, July 31 2013 at our corporate offices, and we are welcoming all to attend. In the absence of being able to attend, we encourage all stockholders to submit their proxy form advising of their voting intention. Full information will be mailed to all stockholders, and will also be available on our website on or about July 19. In the meantime, our preliminary proxy information filing is available for review on via our website or directly with the SEC. FLPC will continue to use
Pathways of Progress announcements to inform and update all interested parties of advancements in our mining and financial operations.
ABOUT FIRST LIBERTY POWER CORPORATION (OTCQB: FLPC): First Liberty Power Corporation is an innovative and diversified mine exploration and development company focused on bringing to market "Mined in America" strategic industrial minerals. The FLPC corporate philosophy is driven by a dedication to
Pathways of Progress (POP). It is a program of best corporate practices designed to rapidly drive the company towards mine production/milling, benefitting FLPC shareholders, investors and mining partners and ensuring safety, environmental integrity, and good governance. Presently, FLPC has interests in four properties: the Fencemaker antimony project in Nevada, the Lida Valley and Smoky Valley lithium brine projects in Nevada, and the San Juan vanadium/uranium project in Utah.
www.facebook.com/FirstLibertyPowerNotice Regarding Forward-Looking StatementsThis 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: For more information contact:
Robert Reynolds (800)709-1196