Lithium Exploration Group, Inc. (OTC Pink: LEXG) is engaged within the acquisition and development of lithium deposits. Shares of the lithium miner are rallying 20%, through afternoon trading on Wednesday, August 23, 2017. Over the past month, Lithium Exploration Group, Inc. has seen average daily volume of 67.53 million shares. However, volume of 17.58 million shares or dollar volume of $10,548, has already exchanged hands today.
Shares of Lithium Exploration Group, Inc. are climbing today, after the company recently announced that its partner, White Top Oil & Gas, has raised $1.4 million in initial funding that will be used in their White Top development program. The funding will allow the partnership to start doing some initial drilling for seismic analysis. Here is the full press release detailing of the financing:
Lithium Exploration Group, Inc. Press Release:
PHOENIX, August 21, 2017 /PRNewswire/ –Lithium Exploration Group, Inc. (USOTC: LEXG) announced today that its partners at White Top Oil and Gas have raised $1.4M in capital to be contributed to their development program in Louisiana. A portion of the funds is an equipment contribution and the remainder is cash to pay vendors. The goal is to drill a handful of the predetermined locations by the White Top geophysical team prior to the completion of the seismic. This raise and the wells that come from it are a starting point for a much more substantial project. Most of the larger development drilling will take place upon completion of the seismic shoot that is in process.
“My team and I were in Louisiana last week overseeing the completion of the seismic shoot. The seismic team out there is working diligently to complete their work so that the larger seismic data can be utilized for the next round of drilling,” commented CEO Alex Walsh. “These first few wells are merely to get the groundwork laid for the future, but are important to show that White Top can identify and drill successful wells on this property.”
About Lithium Exploration Group, Inc.
Lithium Exploration Group, Inc. 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.