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 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