PHOENIX, AZ, United States, via ETELIGIS INC., 06/05/2015 – – Lithium Exploration Group Inc. (OTC Pink: LEXG) (PINKSHEETS: 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: http://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.