Lithium Exploration Group Closes Financings to Fund Oil Refining Technology
SCOTTSDALE, Ariz., Feb. 21, 2013 /PRNewswire/ -- Lithium Exploration Group (OTCQB: LEXG.OB)
Lithium Exploration Group announced today that it has entered into a securities purchase agreement with JMJ Financial whereby JMJ has agreed to purchase a convertible promissory note of up to $1,110,000, including an original issue discount of $110,000. Upon the closing, JMJ provided the company with an initial $100,000 in financing. The company also issued JMJ warrants to acquire 540,540 shares of its common stock at an exercise price of $0.185 for a period of five years. The remainder of the promissory note can be drawn down by mutual agreement from the company and JMJ.
The company also entered into a securities purchase agreement with JDF Capital Inc. JDF has agreed to invest a total of $600,000 into the company through the purchase of convertible debentures, with $150,000 on March 1, 2013 and the remaining $450,000 over the following four months. In addition, the company issued JDF warrants to acquire 3,632,433 shares of its common stock at an exercise price of $0.185 for a period of five years.
"We are excited to have these two partners with us in the development of our parallel technology projects. Development will begin March 1, 2013 and we will keep shareholders posted on progress and timeframes as they become available. The development of this second unit as a parallel project to our water treatment unit in Pennsylvania is a huge step for our company in providing value to our shareholders by substantially increasing the market that we can address," commented CEO Alex Walsh.
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