PHOENIX, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Lithium Exploration Group (USOTC:LEXG) announced today that their partners at White Top Oil and Gas are in the final stages of closing on a $15 million investment to fund the development drilling and acquisition of the field. The investment group has been working with White Top management for the past couple of months, and the recent spike in oil prices led to expediting the closing process so that they didn't lose the deal to other investors. The final documentation is in process now and is expected to close in early December.
"There has been a tremendous amount of interest from investor groups in this project, but it is not a 'traditional' oil deal or a traditional oil market. That is why I am so excited about it -- but that is also why it has taken so long to get to this stage," commented Alex Walsh. "There is no doubt that the recent bounce in prices sped up the process with this group and with others. All of the potential investors have been given notice that the first one to sign docs and get money in the door wins out, but I am confident White Top will have a deal done with this group before the end of the year and will be off to the races in 2018. It has to be mentioned that, because of our sizeable investment in this project already, our participation in the deal is fixed in place and we are not required to invest any more dollars."
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.
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.