Business
Liberty Announces Closing of Restructuring Transactions
Jul. 6, 2011 (Filing Services Canada) -- Liberty Mines Inc. (LBE - TSX),  wishes to a...
About this update from Electric Metals Usa Limited
[{"type":"text","content":"\nLiberty Announces Closing of Restructuring Transactions\n\n Jul. 6, 2011 (Filing Services Canada) -- Liberty Mines Inc. (LBE - TSX),  wishes to announce today the new five member board will be made up of returning Directors Mr. Wu Shu, Mr. John Pinsent and Dr. Tao Li as well as newly elected Directors Mr. Kim Oishi and Dr. Zhang Shu.  Mr. Gil Bertrand did not stand for re-election.  As a result of the restructuring of the board, Mr. Gil Bertrand, Mr. Xu Guangping and Mr. Wang Xingrui have resigned as Directors of Liberty.  The Company wishes to thank all of them for their contributions and dedication to Liberty during their tenure on the board.Mr. Oishi has seventeen years of experience in capital markets and investor relations for public companies, serving as an officer or director of a number of TSX and TSXV listed companies.  Since 2004, he has focused on companies with investors and operations in China.   Mr. Oishi, will strengthen the board's ability to assist management to access capital markets and establish a best practices investor relations program.A total of 2,315,000 incentive share purchase options have been granted to Officers, Directors and employees of Liberty to acquire shares at [$0.105] per share for a period of three years with vesting periods varying from immediate to three years.Production at Liberty Mines' Timmins operations has been stopped since early February of this year due to concerns with the tailings pond facility (TPF).  Since that time a number of deficiencies have been addressed including the construction of a new emergency spillway.  Currently a borehole drilling program is being conducted on the tailings dam itself to investigate the lithology of the dam walls.  Engineering consultants Klohn Crippen Berger (KCB) are overseeing all of the work currently happening within the TPF and we are working closely with the regulatory agencies to ensure all of their concerns are addressed.Chris Stewart, President & CEO of Liberty Mines, commented: \"Since starting with Liberty on May 14th of this year, the majority of my time has been spent in Timmins working with our management team to review our current situation in order to develop a strategy for moving Liberty back into production as quickly as possible. &...