10 May 2012quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $770 thousand for the period ended 2012-03-31.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Apr 2012material agreement▼ BadMajor
Agreed a second convertible debenture, $1.68 million face for $1.5 million cash after a $180,000 upfront discount, interest-free but convertible at $0.45 a share with 3.3 million warrants attached. The conversion price had almost halved from the $0.83 of nine months earlier - each round of funding was being priced off a lower share price than the last.
1 Mar 2012securities registration● Neutral
Lithium Exploration Group, Inc. filed the final prospectus for a registered offering.
21 Feb 2012securities registration● Neutral
Lithium Exploration Group, Inc. amended a filing by which it registered a securities offering with the SEC.
14 Feb 2012quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $773 thousand for the period ended 2011-12-31.
9 Feb 2012securities registration● Neutral
Lithium Exploration Group, Inc. amended a filing by which it registered a securities offering with the SEC.
30 Jan 2012securities registration● Neutral
Lithium Exploration Group, Inc. amended a filing by which it registered a securities offering with the SEC.
24 Jan 2012material agreement termination▼ BadMajor
Dropped the Salta brine option in Argentina barely a year after signing it, blaming the geology, the cost of the option payments and political unrest, and said it would concentrate on the Valleyview permits in Alberta. Two of the company's three original projects - British Columbia and now Argentina - were gone inside eighteen months.
13 Jan 2012material agreement● Neutral
Locked in insider pay: a two-year employment deal for chief executive Alexander Walsh at $120,000 a year, explicitly payable in stock whenever cash was short, plus 150,000 shares a year each to directors Brandon Colker and Jonathan Jazwinski as consultants. The cash-or-stock clause tells you what management already expected of the balance sheet.
22 Dec 2011securities registration● Neutral
Lithium Exploration Group, Inc. amended a filing by which it registered a securities offering with the SEC.
21 Nov 2011material agreement● NeutralMajor
Deepened the Glottech relationship into an exclusive licence for the Swan Hills area of Alberta plus non-exclusive distribution rights across Canada, in return for royalties on any revenue. Note the quiet change of purpose: the machine is now described as treating lithium-bearing brine produced by oil and gas wells, the beginning of the company's drift from lithium mining into oilfield water services.
16 Nov 2011quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $198 thousand for the period ended 2011-09-30.
3 Nov 2011quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $198 thousand for the period ended 2011-09-30.
2 Nov 2011securities registration● Neutral
Lithium Exploration Group, Inc. amended a filing by which it registered a securities offering with the SEC.
29 Sept 2011late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its annual report would be filed late.
29 July 2011securities registration● Neutral
Lithium Exploration Group, Inc. registered a securities offering with the SEC.
13 July 2011asset acquisition disposition▲ GoodMajor
Filed the full disclosure package declaring itself no longer a shell company, on the strength of the Valleyview lithium permits in Alberta, the Salta brine option in Argentina and the Glottech ultrasound licence. On paper the transformation from the propertyless Mariposa of 2009 was complete, though none of the three assets had yet produced anything.
13 July 2011capital raising announcement● Neutral
The second half of the June convertible debenture arrived: $500,000 on the same 12% terms, convertible at $0.83, with a further 602,410 warrants at $0.913.
1 July 2011capital raising announcement▼ BadMajor
Switched from selling shares to borrowing: a single investor agreed to buy $1.5 million of convertible debentures at 12% interest, with the first $1 million funded, convertible into stock at $0.83 a share plus warrants at $0.913. The company had sold shares at $5.25 six weeks earlier, so the lender was effectively promised stock at a sixth of that price - the first link in a chain of convertible notes that ran for the rest of the company's life.
29 June 2011capital raising announcement▼ Bad
Paid an investor-relations provider with 300,000 shares rather than cash - the start of a long habit of settling bills in stock.
20 May 2011capital raising announcement▼ Bad
Closed out the British Columbia claims for good: the Beeston option was terminated in March 2011 and Beeston's claims against the company - unpaid maintenance fees and the loss of four of the eight claims - were settled for C$54,624 and 200,000 shares. The 2009 project ended with the company having done no exploration and having lost half the ground.
19 May 2011quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $205 thousand for the period ended 2011-03-31.
19 May 2011material agreement● Neutral
Chief executive Alexander Walsh pledged 10 million of his own restricted shares to the company through August 2011 as collateral to help it strike financing deals - a sign the company had little else lenders would accept.
17 May 2011late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its quarterly report would be filed late.
12 May 2011capital raising announcement▲ Good
Raised $1 million from a single offshore investor at $5.25 a share - more than five times the $1.00 it charged four months earlier, and the peak valuation of the company's life.
12 May 2011capital raising announcement▼ BadMajor
Issued 2 million shares to sole officer and director Alexander Walsh for services, plus 450,000 each to incoming directors Jonathan Jazwinski and Brandon Colker vesting over three years. At the $5.25 the company had just sold stock for, Walsh's block alone was worth about ten times all the cash raised to date.
4 May 2011material agreement● NeutralMajor
Agreed to buy and license a first unit of Glottech-USA's patented ultrasound water-treatment machine for the Alberta lithium project, for US$800,000 paid in stages, with Canadian exclusivity promised if five units were bought within a year. This equipment deal, not the lithium ground, became the company's main story for the next five years.
4 May 2011substantial holder notice● Neutral
Gekko Industries Inc disclosed a new substantial Lithium Exploration Group, Inc. shareholding (10.44% of votes).
1 Apr 2011director interest notice● Neutral
Brandon Colker became a Lithium Exploration Group, Inc. director and company insider (initial ownership filing).
31 Mar 2011director interest notice● Neutral
Lithium Exploration Group, Inc. President/Secretary/Treasurer Alexander Richard Walsh bought 25,000,000 shares on the open market at $0.00.