Lithium Exploration Group (OTCQB: LEXG) is pleased to announce the closing of a financing of $500,000. This financing consisted of an issuance by the company of a $550,000 original discounted convertible debenture and warrants. Unlike previous financings completed over the last year, this debenture is convertible at only a 35% discount on the average lowest common share price of the company in the most recent 20 trading days upon the date of conversion. The conversion discount of the financing is a 15% decrease of the conversion discount when compared to previous similar financings completed by the company (in which the conversion discounts were 50%).
"Establishing financings that are less dilutive upon conversion is key to our future strategy. We are using a good portion of this financing to pay off prior financings," commented CEO Alex Walsh. "This new level of financing will serve as a benchmark, and we fully intend to further decrease the conversion discount in the future."
About Lithium Exploration Group
Lithium Exploration Group is a US-based exploration and development company focused on the acquisition and development potential of lithium brines and other precious metals that demonstrate high probability for near-term production. Currently the company is focused on its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is a fully reporting company traded on the OTCQB under the symbol LEXG. Website: www.lithiumexplorationgroup.com.
Safe Harbor Statement
This news release contains "forward-looking statements". Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future testing of the ultrasonic technology.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of lithium 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 such beliefs, plans, expectations or intentions 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 Securities and Exchange Commission.
SOURCE: Lithium Exploration Group, Inc.