PHOENIX, AZ, United States, via ETELIGIS INC., 05/18/2015 – – PHOENIX, AZ /ETELIGIS/ Lithium Exploration Group Inc. (OTC Pink: LEXG) (PINKSHEETS: LEXG), announced today that on Friday, May 15, 2015, it closed on the transaction to sell its interest in Tero Oilfield Services. The sale will provide cash to the company that will fund the testing of the oil unit in Canada and operational expenses through the summer. The company does not intend to bring on any additional outside capital.
“We loved the partnership we had at Tero and the facility itself is one of a kind. The decision to sell was made as a function of raising cash so that we would not need to raise any additional capital until we are done testing the oil unit,” commented CEO Alex Walsh. “Once we have testing data and a plan for future deployment, we will be able to raise non-dilutive capital to take the company forward. Our current projections show that we should be completely out of debt by July.”
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.
SOURCE: Lithium Exploration Group Inc.