Replies to post #4062 on Lithium Exploration Group Inc. (fka LEXG)

[Dobie Lama]

yup, no promo money any more to breath life into this lithium scam. But the bs machine keeps on rolling.

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.