Las Vegas, NV, Feb. 27, 2014 (GLOBE NEWSWIRE) -- First Liberty Power Corp. (FLPC: OTCQB), an innovative and diversified exploration, development and mining company focused on "Mined in America" strategic industrial minerals, announced the completion of a Stock Purchase Agreement with Tonaquint, Inc., a Utah corporation.
In a written statement, First Liberty CEO Don Nicholson detailed the terms of the agreement. "Tonaquint has recently completed the purchase of $100,000 of FLPC common stock. This transaction is part of a larger commitment from Tonaquint to purchase, at market price, additional restricted common stock to help meet First Liberty's capital needs as it enters into its next phase of growth and development for its mining and milling plans. This initial purchase was completed at $.03 per share, and the parties are anticipating additional investments to $1,000,000."
Tonaquint is an experienced investor in the securities of companies at their earlier stages of development. The Tonaquint group possesses extensive knowledge and experience in evaluating the merits and risks of such investments and has fully evaluated First Liberty Power through a due diligence process that included the review of documents provided by the Company.
According to Tonaquint officials, they have entered into the agreement as an investment for their own account, not as a nominee or agent, and not with a view to be resold or distributed. Additionally, the issuance of the Shares will not be registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Tonaquint's representations as expressed in the Stock Purchase Agreement (SPA).
Under the SPA, Tonaquint shares are characterized as "restricted securities" under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Tonaquint must hold the Shares indefinitely unless subsequently registered for resale with the Securities and Exchange Commission.
Tom Dean, President of Murdock Capital Partners, expressed a high degree of satisfaction regarding the transaction. "This investment by a well respected financing institution is an example of the confidence that the investment community is gaining in First Liberty Power. We are working with First Liberty to complete additional financings with similar favorable terms".
FLPC will continue to use Pathways of Progress announcements to update advancements in Company operations.
ABOUT FIRST LIBERTY POWER CORPORATION (OTCQB: FLPC): First Liberty Power Corporation is an innovative and diversified exploration, development and mining company focused on bringing to market strategic minerals for America's Future. The First Liberty corporate philosophy is driven by a dedication to the Pathways of Progress (POP) program. This is a program of best corporate practices designed to drive the company's exploration, development and mining operations, benefitting First Liberty shareholders, investors and mining partners, in addition to ensuring safety, environmental integrity, and good governance.
Notice Regarding Forward-Looking Statements
This Press Release may contain "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 the press release articles 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.
FLPC 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 the news release, and FLPC assumes 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 FLPC believes that the beliefs, plans, expectations and intentions contained in the published 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, as well our quarterly reports, and other periodic reports filed from time-to-time with the SEC.
Source:First Liberty Power Corporation