SOURCE: Lithium Exploration Group, Inc.

October 17, 2014 08:15 ET

Lithium Exploration Group Announces Results of Special Meeting of Shareholders

PHOENIX, AZ--(Marketwired - Oct 17, 2014) - Lithium Exploration Group, Inc. (OTCQB: LEXG) announced today the results of its shareholder Special Meeting held on October 14, 2014 (the "Meeting"). Shareholders of the company considered and approved resolutions in favor of an amendment to the company's Articles of Incorporation for the increase in the company's authorized capital to 2,000,000,000 shares of common stock (the "Amendment"). The Amendment was approved by 71.73% of shares voted at the Meeting, with 28.27% of the shares voted against.

At the Meeting, shareholders also approved a resolution approving a possible reverse stock split, if deemed to be necessary or advisable by the company's board of directors, on the basis of one (1) new post-split share for up to every twenty (20) pre-split shares outstanding. Such resolution was approved by 69.40% of shares voted at the Meeting, with 30.60% of the shares voted against.

"The approval of the amendment to our bylaws was a contingency on the capital that we recently raised to fund the purchase of the additional 25% of Tero which will take place at the end of the calendar year. We discussed a number of things at the meeting but most of all the message was that we are still in a very strong position to take advantage of the assets we have and the development of the technology that we have been working on for the past 3 years. What we need to do as a company is get there as fast as possible so that we are in a position to restructure dilutive debt and move the company forward," commented CEO Alex Walsh. "I am confident that we will accomplish all of these goals."

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 on its Western Canada lithium assets, testing its Ultrasonic Generator Technology and the acquisition of oil and gas related assets in Western Canada. Lithium Exploration Group is a fully reporting company traded on the OTCQB under the symbol LEXG. Website: www.lithiumexplorationgroup.com.

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.

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