$LEXG News - Lithium Exploration Group Announces Agreement on $14Mil Financing for White Top Oil and Gas Project

TEMPE, Arizona, - (http://www.financialnewsmedia.com News Alert) - Lithium Exploration Group Inc. (OTC: 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." Read this and more news for LEXG at http://financialnewsmedia.com/profiles/lexg.html



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: http://www.lithiumexplorationgroup.com.



Safe Harbor Statement



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