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.
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.
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