SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Lithium Exploration Group (OTCBB: LEXG) announces that it has secured the final $500,000 tranche of the $1,500,000 it was to receive to advance its Valleyview Project. As previously announced, the financing is a placement of convertible debentures in the principal amount of $1,500,000, due to be fully funded by August 1, 2011. The debentures shall bear interest at 12% per annum and shall be due and payable 18 months from their issuance. Also, pursuant to the terms of the debenture, the company’s CEO Alex Walsh has pledged his personally-held shares as security for the debentures.
“This investment has allowed us to assemble our team of specialists and move the Valleyview Project from concept to reality. I have pledged my shares to this debenture to secure the financing and protect our assets, to demonstrate our confidence in this project. This puts us in a much stronger position to negotiate the terms of future investment into the company,” said Lithium Exploration Group CEO Alex Walsh.
The securities referred to herein will not be or have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
About Us
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 and South America properties. Lithium Exploration Group is a fully reporting company traded on the OTCBB under the symbol LEXG. Website: www.lithiumexplorationgroup.com