Lithium Exploration Group Executes LOI to Purchase Golden Spike Energy
SCOTTSDALE, Ariz, May 2, 2013
SCOTTSDALE, Ariz, May 2, 2013 /PRNewswire/ --Lithium Exploration Group
(OTCQB: LEXG.OB) announced today that on April 30, 2013, it executed an LOI to
acquire Canadian oil and gas producer, Golden Spike Energy. CEO Alex Walsh
met with management of Golden Spike in Calgary earlier in the week to finalize
the preliminary due diligence and execute the LOI.Upon completion of the
transaction, LEXG will own the oil and gas producer and operator as a wholly
owned subsidiary. This effort to acquire cash flow will allow the technology
R&D and lithium exploration efforts of the company the runway required to
provide ultimate value to shareholders.
"Since taking the helm at LEXG more than two years ago, it has been my
greatest desire to give shareholders the value that they expect and deserve
and, by acquiring cash-flowing assets to fund operations, we will be able to
do just that," said CEO Alex Walsh. "We are excited about this opportunity and
believe it will give us a platform from which to make future acquisitions of
small oil and gas assets. Many of our future plans in Alberta are centered on
the oil and gas industry, acquiring cash flow and assets where we can perform
future work on our lithium exploration efforts is akin to hitting two birds
with one stone."
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 property.
Lithium Exploration Group is a fully reporting company traded on the OTCBB
under the symbol LEXG. Website: www.lithiumexplorationgroup.com. Lithium
Exploration Group is also on Facebook, LinkedIn and Twitter @LEXG_OTCBB.
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, including but not limited to the completion,
testing, transportation, and final installation of the unit.
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
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
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