Lithium Exploration Group Decreases Conversion Discount in New Financing
April 15 2014 - 8:45AM
Marketwired
Lithium Exploration Group Decreases Conversion Discount in New
Financing
SCOTTSDALE, AZ--(Marketwired - Apr 15, 2014) - 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.
Contact Info Shanon Chilson 480-641-4790
info@lithiumexplorationgroup.com