Lithium Exploration Group's Largest Lender Agrees to a Moratorium on Conversions While Discussions to Restructure $1.4MM Debt...
December 23 2013 - 9:16AM
Marketwired
Lithium Exploration Group's Largest Lender Agrees to a Moratorium
on Conversions While Discussions to Restructure $1.4MM Debt Are
Ongoing
SCOTTSDALE, AZ--(Marketwired - Dec 23, 2013) - Lithium
Exploration Group Inc. (OTCQB: LEXG) announced today that it is in
discussions with its largest debt holder, JDF Capital, to
restructure their existing debt. It is expected that a deal
will be finalized before January 6, 2014. JDF Capital has
agreed not to convert any of the existing notes between now and
that date while a deal is in process. The company hopes that
this restructuring will free up its balance sheet and provide some
anti-dilutive features to protect the capital structure and
shareholders.
JDF Capital invested more than one million dollars in LEXG in
2013. Their capital supported the Morinville facility
acquisition in October and this weekend that asset produced its
first revenue since the Alta Disposal team restarted it.
"We set out to make the Morinville facility a profitable
venture. We have set the capacity at 2500 cubic meters per
month for the first few months while we ramp up operations. We
already have indications that we will meet those levels in our
first month of operations. That production translates to
approximately $20,000 in revenue and will make the facility
profitable right out of the gate," commented CEO Alex
Walsh. "JDF believes in what we are doing and is fully
supportive of our efforts on the ultrasonic technology and in the
disposal business. JDF's investment in our company has always
been for the long haul and, together, we are working to show our
shareholders that we are committed to protecting their
interests."
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.
Contact Info Shanon Chilson 480-641-4790
info@lithiumexplorationgroup.com