Here is part of what the Cover Letter for the Private Placement sent out last May says:

We are pleased to announce that Liberty Star is conducting a confidentially marketed private offering of our securities.

The funds raised will allow Liberty Star to place our drill in the ground for Phase 1 of the Hay Mountain Project.

When we have received investments of approximately $150,000 we expect to bring in the drill rig (which is standing by) and set up facilities on the property and begin to drill with one 12 hour shift. When we receive the next $200,000 we expect to add a second 12 hour shift so we will be operating 24 hours per day 7 days per week – the most efficient way to operate a drilling program. Within about two months of start of 24/7 drilling we expect to have placed and completed all of our drill holes in the specifically chosen drill sites.

While I doubt this legally binds them to use the Private Placement money strictly for drilling, it certainly leads investors to believe this is the case. My feel for the integrity of LBSR management leads me to believe this is what they intended to do.

So assuming the $132,000 is proven to be an accurate figure, I think we can come up with that additional $12,000, plus my $6,000.