Lithium Exploration Group restructures $1.1 million of convertibles

Company replaces JDF Capital debentures with class B preferred stock

By Devika Patel

Knoxville, Tenn., Jan. 6 - Lithium Exploration Group Inc. said that it has negotiated the restructuring of more than $1.1 million convertible debentures with JDF Capital.

In exchange for the convertibles, the investor will receive class B preferred stock.

"JDF Capital believes strongly enough in all that we are doing that they have agreed to extinguish their debt in our company in exchange for a preferred class of capital stock and take a lower conversion rate on the only outstanding debenture that they will hold post-transaction," chief executive officer Alex Walsh said in a press release.

"This deal will clean up our balance sheet as we execute on the commercialization of the ultrasonic technology and our entry into the waste disposal industry in Canada," Walsh said.

The Scottsdale, Ariz., exploration and development company focuses on producing lithium brines and other precious metals.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.