Lithium Exploration Group CEO Addresses Shareholders Regarding 10K
Filing and Debt Consolidation
Phoenix, AZ -- November 12, 2015 -- InvestorsHub NewsWire --
Lithium Exploration Group Inc. (OTCPINK:
LEXG) CEO Alex Walsh updates shareholders on status of annual
audit and debt consolidation.
Dear Shareholders,
As I stated last week we are in the final stages of completing
our annual audit for the fiscal year ended June 30, 2015. This
audit was more complex and time consuming than those of years past,
with requiring us to work through complex calculations with our
auditor to account for our reverse split, the sale of our disposal
asset in Wardlow, and retirement of considerable amounts of debt.
We have completed our financial statements and our attorneys are
finalizing the changes to the 10K.
Over the past few weeks we have been working to consolidate a
lot of our outstanding debt and eliminate some of the derivative
liabilities with the outstanding warrant holders. This is happening
in conjunction with a capital raise that is earmarked for field
testing and general operating expenses. We have a good team working
for us but without additional capital in the company, there are no
assurances that they will finalize our audit.
I want to let you all know this because it is a cause for delay
in the filing, but, most importantly, we are trying to stabilize
the company and protect shareholders from unnecessary dilution. We
have both the oil and water units ready for continued testing and
we are very excited about what the next few months will bring. We
are working diligently with all of the interested parties to get
things squared away and I appreciate all of your patience as we
finalize the moving parts and complete all of our filings.
Sincerely,
Alex Walsh
CEO
Lithium Exploration Group
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 OTC Markets 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