A term sheet that has already been executed is in regards to a placement of convertible debentures in the principal amount of $1.5m payable in three equal tranches, to be fully funded by 1 August 2011.
The debentures will bear interest at 12% per annum and will be due and payable 18 months from their issuance, the company said.
According to the company, the resource estimate for the Valleyview Project will include the data from a 12-week testing program completed in May 2011 and a hydrogeological analysis of the aquifer underlying the property.
US-based Lithium Exploration Group is focused on the acquisition and development potential of lithium brines and other precious metals.
