On 23rd October’14, BrilliantPennyStocks.com initiated coverage on LEXG. The stock moved up by 44.07% since the coverage was initiated.
Recent insider trading has helped Lithium Exploration Group Inc (OTCMKTS:LEXG) in its upward trend.
CEO buys shares in open market
Lithium Exploration Group Inc (OTCMKTS:LEXG) reported insider trading activity for October 22. News reports reveal that CEO Alex Walsh purchased shares of its common stock in the open market, to the tune of 2,500,000 shares.
In a statement Alex Walsh has requested investors in his company to maintain their positions, especially in the coming quarters. In his views the current valuation of the company appears undervalued. Therefore, in an effort to back his outlook, he held discussions with company members before purchasing stock.
He also responded to recent concerns raised by shareholders.
CEO responds to concerns
He also updated on oct 22 that the shareholders have voted to increase the authorized shares and approved the reverse split of common shares of the group. He asserted that the move to authorize shares was prompted to meet creditor demands. He explained that the alternative was to sell assets to repay the outstanding. Much of the recent activity including the reverse split is aimed at making the company a part of the $100MM market cap venture he explained.
Lithium Exploration forays
The main line of services that Lithium Exploration Group, a US company, engages in is developing lithium brines. It is not averse to develop or acquire precious metals which show promise and hold potential for commencing immediate production. In recent quarters Lithium Exploration Group has been developing Western Canada lithium assets. It has also tested its Ultrasonic Generator Technology besides acquiring other assets in the region, especially Western Canada.
Lithium Exploration Group Inc (OTCMKTS:LEXG) has a market cap of 2.35 Million and continues to carry previous weeks’ bullishness into new week.
In a technical development the purchase made CEO in the open market also restricts from engaging in certain trading activity. These include selling any part of his share holdings for a period not lesser than 6 months.
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