CEO is selling shares, people are still buying. LEXG.OB
This is what the CEO just released:
Here are the cliffnotes of that long ass message from the CEO (below), basically he says he doesnt want to dilute the company, so he will be selling his shares. LOL??? what??? So now we got people in the message boards applauding the CEO for not issuing more shares. Well he knows its gonna be worthless in a month. He has pledged 10 million of his OWN SHARES? lol.. I feel bad for the people getting duped.
SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Lithium Exploration Group, Inc. (OTCBB:LEXG.ob - News) announced today that it has secured its first round of financing for gross proceeds of $1 million. Lithium Exploration Group entered into an equity purchase agreement with an investor for the purchase of $1 million worth of shares of the Company’s common stock at the past five trading sessions' average price. The transactions are expected to close on or about May 6, 2011, subject to customary closing conditions.
"This funding commitment further supports the development plans and future growth of Lithium Exploration Group," said CEO Alex Walsh. "We are pleased to have entered into this financing, which we anticipate will allow us to accelerate our strong exploration expansion to benefit our shareholders."
In addition, Walsh has pledged 10 million of his own shares to be used for subsequent rounds of financing, in order to facilitate additional financing opportunities and minimize any potential dilution. "My goal has always been to advance the Company in the most financially viable way," he said. "Issuing more shares only dilutes the existing shareholders, and I felt more comfortable pledging my own shares to show the kind of commitment and belief I have in our Company. Our next step is to close on our second round of financing, which we anticipate will be in the $5-million range. We are currently in negotiation with certain firms that we feel comfortable with, and who are also interested in our long-term growth."