Lexington Resources Announces $2.5 Million Equity Placement

Lexington Resources closes a $2.5 million equity placement to increase drilling and land acquisition related capital expenditures and expedite development of its domestic gas projects. The offering total includes the exchange of certain debt instruments into private placement decreasing company liabilities by $0.512 million. The US based investment banking firm of C. K. Cooper & Company of Irvine, California served as placement agent for the transaction.

The Company has entered into purchase agreements with certain accredited investors for the private placement of 1,700,686 units at a price of $1.47 per unit for aggregate equity private placement of $2.5 million. Each unit is comprised of one common share and one common share purchase warrant exercisable at $1.68 per share. The Company has agreed to file a registration statement with the Securities and Exchange Commission ("SEC") within 45 days after completion of the transaction, covering the resale of shares of common stock sold in the private placement or issuable upon exercise of the warrants. The warrants are exercisable for a term of six after the registration statement filed by the Company has been declared effective by the Securities and Exchange Commission.

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