19 Sept 2013material agreement● Neutral
Rolled Bryan Kleinlein's finance-chief contract over for another four months on identical $12,000-a-month cash-or-stock terms - the second short renewal in six months.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Aug 2013material agreement▲ GoodMajor
Signed a letter of intent to buy 75% of Tero Oilfield Services for $1.5 million: $50,000 deposit, $950,000 cash by December 1, 2013 and a $500,000 convertible debenture. It also agreed to lend Tero $500,000 to settle debt owed to Smith Group Holdings.
5 Aug 2013material agreement● Neutral
Started funding the Blue Tap water-disposal deal before it was signed, lending up to C$300,000 through a convertible debenture in two instalments while the definitive agreement was still being negotiated.
12 July 2013material agreement● Neutral
Hired consultant Alexander Koretsky at $8,333 a month, payable in cash or in shares already registered for immediate resale - roughly $100,000 a year of advisory cost that the company could settle without spending any money.
9 July 2013capital raising announcement▼ Bad
Settled a land bill in stock: unable to pay the C$100,000 due on the Valleyview permits in January, the company had turned C$80,000 of it into a note, and the vendor Golden Virtue Resources now converted the balance into 954,461 shares at 8.25 cents. Two years after selling stock at $5.25, the company was issuing it at a sixtieth of that price to cover a routine option payment.
14 June 2013material agreement▲ GoodMajor
Agreed to buy at least 51% of Blue Tap Resources for a $450,000 investment in its mothballed waste-water disposal site at Morinville, Alberta - 17 freehold leases with two gas wells and a disposal well - starting with a $300,000 bridge loan to restart the facility. This is where the company stopped being a lithium explorer and became an oilfield water-disposal business.
15 May 2013quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $2.4 million for the period ended 2013-03-31.
25 Apr 2013director interest notice● Neutral
Bryan A Kleinlein became a Lithium Exploration Group, Inc. Chief Financial Officer and company insider (initial ownership filing).
16 Apr 2013director interest notice● Neutral
Lithium Exploration Group, Inc. President/CEO Alexander Richard Walsh sold 105,000 shares.
29 Mar 2013material agreement● Neutral
Put its finance chief on a contract too: Bryan Kleinlein, chief financial officer since May 2012, was re-engaged through his firm International Compass for six months at $12,000 a month, again payable in stock if cash was short. Both of the company's senior officers were now paid on terms that assumed there might be no cash.
25 Feb 2013material agreement▼ BadMajor
Signed a third convertible lender within a fortnight, JDF Capital, for a secured note of $672,000 face against $600,000 cash, of which only $150,000 was funded up front, plus 3.6 million warrants at $0.185. Three lenders in nine months, each advancing money in small tranches - the profile of a borrower nobody wanted much exposure to.
19 Feb 2013quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $1.1 million for the period ended 2012-12-31.
15 Feb 2013late filing notice▼ Bad
Lithium Exploration Group, Inc. notified the SEC that its quarterly report would be filed late.
15 Feb 2013material agreement▼ BadMajor
Brought in a second convertible lender, JMJ Financial, for a note of up to $1.1 million face against $1 million of cash - but only $100,000 was actually advanced at closing, the rest drawable only if both sides agreed. Warrants came at $0.185, another step down from the $0.20 Hagen had just been repriced to.
14 Nov 2012quarterly activities report▼ Bad
Lithium Exploration Group, Inc. reported quarterly revenue of $0 and a net loss of $1.5 million for the period ended 2012-09-30.
13 Nov 2012director interest notice● Neutral
Lithium Exploration Group, Inc. President/CEO Alexander Richard Walsh disposed of 22,045,000 shares via option/appreciation-right settlement.
30 Oct 2012director interest notice● Neutral
Lithium Exploration Group, Inc. President/CEO Alexander Richard Walsh sold 24,000 shares at $0.22.
29 Oct 2012capital raising announcement● NeutralMajor
Chief executive Alexander Walsh exchanged 20 million of his common shares for 20 million new Series A preferred shares that convert back one-for-one after a year and carry no other rights. Nothing changed economically for him, but 20 million shares came off the common count at exactly the moment a lender was converting debt into stock at a floating discount.
22 Oct 2012director interest notice● Neutral
Lithium Exploration Group, Inc. President/CEO Alexander Richard Walsh sold 55,000 shares.
16 Oct 2012director interest notice● Neutral
Lithium Exploration Group, Inc. President/CEO Alexander Richard Walsh sold 21,000 shares.
10 Oct 2012material agreement▲ GoodMajor
Replaced all earlier agreements with Glottech International and Glottech USA with a new licence and sales agency agreement with the Irish patent owner, GD Glottech International. The company became exclusive Canadian sales agent and licensee for the ultrasound technology in non-petrochemical mining, paying for the agency with 2 million shares transferred from CEO Alex Walsh.
9 Oct 2012director interest notice● Neutral
Lithium Exploration Group, Inc. President/CEO Alexander Richard Walsh sold 10,000 shares at $0.29.
5 Oct 2012director interest notice● Neutral
Lithium Exploration Group, Inc. President & CEO Alexander Richard Walsh disposed of 25,000 shares via option/appreciation-right settlement.
18 Sept 2012material agreement▼ BadMajor
Repriced both convertible debentures in favour of the lender, named here for the first time as Hagen Investments: the warrants and the conversion floor were cut from $0.45 to $0.20, with the 65%-of-the-twenty-day-low discount left in place. Less than four months after closing, the company was already renegotiating downward.
17 Sept 2012listing compliance notice▼ Bad
Lithium Exploration Group, Inc. withdrew a registration statement, abandoning the offering it covered.
17 Sept 2012securities registration● Neutral
Lithium Exploration Group, Inc. amended an already-effective registration statement.
5 Sept 2012material agreement▼ BadMajor
Paid $150,000 to contract directly with GD Glottech-International in Ireland, the owner of the ultrasound patents, because its counterparty Glottech-USA was facing litigation and might not be able to honour the licence. The company's central asset turned out to rest on a chain of agreements it did not control.
8 Aug 2012auditor change● Neutral
Around August 1, 2012 the company dismissed its auditor Child, Van Wagoner & Bradshaw, which had stopped auditing SEC-reporting companies, and engaged Anderson Bradshaw, described as its successor firm. The filing says the board approved the change and there were no disagreements. The earlier reports carried the usual going-concern doubt, which continues the pattern from earlier years.
3 Aug 2012securities registration● Neutral
Lithium Exploration Group, Inc. amended a filing by which it registered a securities offering with the SEC.
2 Aug 2012auditor change● Neutral
Changed auditors for the third time since 2009, though benignly this time: Child, Van Wagoner & Bradshaw stopped auditing public companies and its successor firm Anderson Bradshaw took over the same work.