LITHIUM EXPLORATION GROUP ANNOUNCES 50% REDUCTION IN CONVERSION FEATURE OF EXISTING DEBT
08 August 2017 - 2:00AM
InvestorsHub NewsWire
Phoenix, AZ – August
7, 2017 -- Lithium Exploration Group Inc. (USOTC: LEXG) announced today that it has come
to terms with two major debt holders to restructure all of their
convertible notes, reducing conversion discount by 50%. In
consideration of the significant reduction in debt, each fund will
receive two new warrants, which will have a conversion mechanism
300% and 400% above today’s market price. The collective view
of the company and the debt holders is that Lithium Exploration
Group is in a significantly better position than it has been in the
past and the heavily dilutive terms of the debt was not sustainable
for the company or its shareholders.
“This is exciting news
and should show everyone the level of confidence that the debt
holders have in the company’s current position,” commented CEO Alex
Walsh. “They have conceded a significant portion of their
debt rights in return for warrants that produce a significant
incentive to see long-term price appreciation in the LEXG
security. This restructuring truly has all parties
incentivized in the same direction and should show significant
benefit to our existing shareholders for a long time to
come.”
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 testing the
Sonic Cavitation Ltd. technology and the acquisition of oil and gas
related assets in the US and Canada. Lithium Exploration Group is
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