SOURCE: Lithium Exploration Group, Inc.
SCOTTSDALE, AZ--(Marketwired - Dec 23, 2013) - Lithium Exploration Group Inc. (OTCQB: LEXG) announced today that it is in discussions with its largest debt holder, JDF Capital, to restructure their existing debt. It is expected that a deal will be finalized before January 6, 2014. JDF Capital has agreed not to convert any of the existing notes between now and that date while a deal is in process. The company hopes that this restructuring will free up its balance sheet and provide some anti-dilutive features to protect the capital structure and shareholders.
JDF Capital invested more than one million dollars in LEXG in 2013. Their capital supported the Morinville facility acquisition in October and this weekend that asset produced its first revenue since the Alta Disposal team restarted it.
"We set out to make the Morinville facility a profitable venture. We have set the capacity at 2500 cubic meters per month for the first few months while we ramp up operations. We already have indications that we will meet those levels in our first month of operations. That production translates to approximately $20,000 in revenue and will make the facility profitable right out of the gate," commented CEO Alex Walsh. "JDF believes in what we are doing and is fully supportive of our efforts on the ultrasonic technology and in the disposal business. JDF's investment in our company has always been for the long haul and, together, we are working to show our shareholders that we are committed to protecting their interests."
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 OTCQB 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.