PO and BG did not own 70+ percent of shares - they controlled 70+ percent of votes.

LBSR is currently authorized to be able to sell up to 75,000,000 shares of stock.  74,500,000 of those shares are regular common stock; 500,000 of those 75,000,000 shares are designated as Class A stock, and each share of Class A stock is designated to have 200 votes.

Of the 75,000,000 shares LBSR is authorized to sell, 48,878,518 are currently owned by someone who either purchased them for cash, or received them in some other way, usually as payment for debt that LBSR owed to them.  500,000 of those 48,878,518 are the Class A stock, and PO owned 250,000 and BG owned 250,000.

Assuming BG is no longer a Board member, the current ownership of the 48,878,518 would be:

Total Common Shares issued and outstanding:  48,628,518

Total Common Class A Shares issued and outstanding:  250,000 (PO owns all 250,000)

Total Common share votes - 48,628,518

Total Common Class A share votes - 50,000,000

So just the Class A votes PO has with his 250,000 shares is more than the votes ALL the rest of the owners have with their 48M+ votes.

But, it appears from activity in the last few weeks, that PO also now owns more than half of the 48,628,518 Common Shares that are issued and outstanding.