Lithium Exploration Group Announces
Agreement on $14M Financing for White Top Oil and Gas Project
Tempe, AZ June 15, 2017 - Lithium Exploration Group Inc. (USOTC:
LEXG) announced today that its
partners at White Top Oil and Gas have reached a verbal agreement
on a $14M investment that would fund the final acquisition of the
field in Louisiana, and fund the first six drilling targets. This
proposed investment is from a New York-based private equity firm
and is being made directly into White Top Oil and Gas and thus will
not be dilutive to LEXG shareholders.
I was on a call with our partners at White Top and the investor
yesterday afternoon and, with only a few small considerations in
the final documentation, the goal is to close the transaction in
July, commented CEO Alex Walsh. We are not directly involved in
this transaction but we benefit, because, as soon as the
acquisition is finalized, we begin to collect checks on our 3%
overriding royalty. As they drill additional wells that royalty
stream goes up. The recent discovery of the overhang has
significantly expedited the funding process and we are all excited
to move this project forward.
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 testing the Sonic Cavitation Ltd. technology
and the acquisition of oil and gas related assets in the US and
Canada. Lithium Exploration Group is 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.com