Lithium Exploration Group Secures $1,000,000 in Financing, CEO Pledges 10M Shares

Lithium Exploration Group, Inc. (LEXG) 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. 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.