SCOTTSDALE, Ariz., Oct. 25, 2012 /PRNewswire/ -- Lithium Exploration Group (OTCBB: LEXG.OB) (OTCQB: LEXG.OB) announced today the restructuring of 20,000,000 shares held by CEO Alex Walsh, the Company's president, Chief Executive Officer and a member of the Company's board of directors. Mr. Walsh is exchanging 20,000,000 shares of the Company's Common Stock owned by him for 20,000,000 shares of the Company's Series A Convertible Preferred Stock, which may not be converted for at least one year from their issuance date. After the one year holding period has expired, the shares may be converted into the same amount of common shares.
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 property. Lithium Exploration Group is a fully reporting company traded on the OTCBB under the symbol LEXG. Website: www.lithiumexplorationgroup.com. Lithium Exploration Group is also on Facebook, LinkedIn and Twitter @LEXG_OTCBB.
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, including but not limited to the completion, testing, transportation, and final installation of the unit.
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