Lithium Exploration Group Announces Elimination of $584,000 in
Convertible Debt and Significantly Strengthens Balance Sheet
Phoenix, AZ -- June 5, 2015 -- InvestorsHub NewsWire --
Lithium Exploration Group Inc. (OTC:
LEXG) announced today that since April 1 of this year, the
company has retired $584,000 in dilutive convertible debt. The
company is exploring options on retiring all of its dilutive debt
and opportunistically acquiring oil and gas production in Western
Canada.
Our stock price has not fared well over the past few months, but
we have significantly reduced our debt load. The recent sale of our
interest in Tero Oilfield Services has boosted our cash position,
allowing us to continue to reduce our debt through the summer,
commented CEO Alex Walsh. We have posted pictures of our oil and
water units on our website and hope to be posting
more as testing continues and our oil unit ships from Texas to
Canada.
About Lithium Exploration Group
Lithium Exploration Group is a US-based exploration and
development company focused on the acquisition and development
potential of lithium brines and other precious metals that
demonstrate high probability for near-term production. Currently
the company is focused on its Western Canada lithium assets,
testing its Ultrasonic Generator Technology and the acquisition of
oil and gas related assets in Western Canada. Lithium Exploration
Group is a fully reporting company traded on the OTC Markets under
the symbol LEXG. Website: www.lithiumexplorationgroup.com.
Safe Harbor Statement
This news release contains "forward-looking statements".
Statements in this press release that are not purely historical are
forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future
testing of the ultrasonic technology.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated with
mineral exploration and difficulties associated with obtaining
financing on acceptable terms. We are not in control of lithium
prices and these could vary to make development uneconomic. These
forward-looking statements are made as of the date of this news
release, and we assume no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements.
Although we believe that the beliefs, plans, expectations and
intentions contained in this press release are reasonable, there
can be no assurance that such beliefs, plans, expectations or
intentions will prove to be accurate. Investors should consult all
of the information set forth herein and should also refer to the
risk factors disclosure outlined in our most recent annual report
for our last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Contact Info
Shanon Chilson
480-641-4790
info@lithiumexplorationgroup.commailto:info@lithiumexplorationgroup.com
mailto:info@lithiumexplorationgroup.com