SOURCE: Lithium Exploration Group, Inc.

September 30, 2014 08:15 ET

Lithium Exploration Group Raises Capital to Acquire Additional 25% of Tero Oilfield Services

PHOENIX, AZ--(Marketwired - Sep 30, 2014) - Lithium Exploration Group, Inc. (OTCQB: LEXG) announced that yesterday it entered into a securities purchase agreement to raise the $500,000 required to exercise the option to purchase an additional 25% of Tero Oilfield Services ("Tero"). Alta Disposal, a wholly owned subsidiary of Lithium Exploration Group, acquired 50% of Tero on March 1, 2014 with a 12-month option to acquire an additional 25%. The financing is scheduled to come in over the next 90 days, with the transaction to be effective January 1, 2015. 

"We are extremely excited about the partnership we have forged with the team at Tero. They are great stewards of the disposal industry. They care about their customers and are steadfastly committed to running a top notch facility," commented CEO Alex Walsh. "With the acquisition of the additional interest in Tero and the facility's expansion into oil treatment, we are projecting to be cash flow positive from this facility alone. This is a transformative step for Alta Disposal and Lithium Exploration Group as we try to replicate the Tero model across Western Canada." 

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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