Lithium Exploration Group Restructures Debt With Largest Debt Holder
Deal Eliminates $1.1 Million From Balance Sheet and Saves Company 5.5 Million Shares of Dilution
SCOTTSDALE, AZ. - Lithium Exploration Group Inc. (OTCQB: LEXG) announced today that over the weekend it finalized a deal that will eliminate over 1.1MM in convertible debentures from its balance sheet. The deal calls for the issuance of a Class B preferred class of stock in the company to the debt holder.
“JDF Capital believes strongly enough in all that we are doing that they have agreed to extinguish their debt in our company in exchange for a preferred class of capital stock and take a lower conversion rate on the only outstanding debenture that they will hold post transaction,” commented CEO Alex Walsh. “This deal will clean up our balance sheet as we execute on the commercialization of the ultrasonic technology and our entry into the waste disposal industry in Canada.”
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.
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