Kaloyan Gadzhev

Lithium Exploration Group Inc (OTC:LEXG) Recovers Some Ground

by Kaloyan Gadzhev November 7, 2011
4LEXG_chart.pngLithium Exploration Group Inc (OTC:LEXG, LEXG message board) had been losing value with varying speed for almost six months, but last week things seemed to turn around.

On Friday LEXG closed up 32.35% at $0.90. The volume was also significantly higher than the average for LEXG reaching almost 496 thousand shares.

Before the session on Friday, LEXG had several closes in the green, however, none of those were that impressive percentage-wise or in volume.

One possible reason for the performance on Friday is the quarterly report filed by LEXG the day before. The report showed that for the quarter ended Sept. 30 LEXG had:

  • $960,703 cash
  • $1,279,806 total current assets
  • $1,884,264 total current liabilities
  • $752,700 loss from operations
  • $198,305 net loss

The numbers on their own are not particularly good. The reason the net loss was lower than the loss from operations was the substantial gain on convertible debenture. However, the report indicates LEXG is moving along with its plans.

1LEXG_logo.jpgToday, LEXG has opened strong around $1.10. The information in the report may not be enough to sustain a run much further, but it seems it has managed to pull LEXG out of the slump for the time being.

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