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Lithium Exploration Group's Lenders Agree to a Moratorium on Conversions

Monday, 05 January 2015 08:45 AM

Lithium Exploration Group, Inc.

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PHOEINX, AZ / ACCESSWIRE / January 5, 2015 / Lithium Exploration Group Inc. (OTC Pink: LEXG) (PINKSHEETS: LEXG), announced today that its four remaining debt holders from the Tero acquisition have agreed not to convert any of their remaining notes for the month of January 2015. This agreement has been put in place with the debt holders to relieve pressure on the company while the additional acquisition of Tero is completed and the oil treatment unit is deployed at Tero.

"Our debt holders are extremely supportive of what we are doing as a company; together we are working to restructure the balance sheet to show our shareholders our commitment to protecting their interests and moving the company in a positive direction," commented CEO Alex Walsh. "We continue to make positive progress and this gesture shows the commitment that our debt holders have to LEXG. We have also discussed extending the moratorium for the remainder of the first quarter, but for now it stands for the month of January."

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 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:
Shanon Chilson
480-641-4790
[email protected]

 

SOURCE: Lithium Exploration Group Inc.

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