Lithium Exploration Group Inc (OTCMKTS:LEXGD) is moving up steadily on accelerating volume after the Company affected a 1 for 20 reverse split of the stock. The ticker symbol changed from LEXG to LEXGD but will change back to LEXG soon.
On March 2 LEXG announced revenue for first half of FY2016. Tero Oilfield Services, 50 percent owned by Lithium Exploration Group, booked $681,000CND in gross sales for the first six months of Lithium Exploration Group’s fiscal year.
“We only consolidate half of that revenue onto our books but I think it is important for folks to understand that this is a solid business with daily customers over the past 17 years. We also feel strongly that there is a lot of long term potential for Tero to expand its product offering and customer base which would add revenue and profitability,” commented CEO Alex Walsh. “It has been especially impressive through some very hard times over that six month period for many other companies that service the oil and gas industry. Our goal is to get our technology going at Tero so we can really add value to this already successful business.”
LEXG is an 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 Inc (OTCMKTS:LEXG) announced on October 28 that it is in discussions with a Texas-based company with a proprietary chemical additive that will assist in the oil treatment process. The chemical company has developed a proprietary blend of additives to treat paraffin and lighten the specific gravity of the oil. Lithium Exploration Group will ship samples of the oil treated at its Tero facility to Texas. A team will be heading there in a few weeks to assess the results of the tests and discuss this potential partnership.
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LEXG is all about Lithium, which is in a nutshell, a highly chemically reactive element not found on Earth in elemental form. It isn’t mined as lithium. But the commercial world uses the name of the element when talking about the array of lithium resources, supply and demand.
Lithium is the lightest metallic element. As a metal it has important though minor use as its numerous applications in refined mineral form and in a variety of chemical combinations are owed to its innate mineralogical, chemical, electrochemical, and physical properties. Lithium is mined as a silicate mineral or harvested from natural brines and then used in mineral form or converted into lithium chemicals or metal.
Today the supply of lithium raw materials is dominated by a handful of producers in Chile, Argentina and Australia. New potential demand scenarios have created a rush on the part of junior mining companies and others, some partly supported by major automotive and electronics companies, to develop projects in traditional resource types as well as new ones. Today’s producers have also made clear their resources potential and capabilities for capacity increases.
The Company announced on October 23 that CEO Alex Walsh purchased 2,500,000 shares of common stock yesterday in the open market. By making the purchase he will be unable to sell any of his share holdings for a minimum of 6 months.
“Yesterday I asked all of the folks that have interest in our company to have patience as we get through the next few quarters and stated that I believe our company is undervalued right now. After discussing that with a few of our folks internally I decided to make my own purchase of LEXG stock to show that I back my statements with action,” commented CEO Alex Walsh.
Conclusion:LEXG is moving steadily downwards in recent trading. The stock made a big run back in March of this year when it moved from $0.05 to $0.20. Since this time last year LEXG OS has gone from 91 million shares out to 432 million shares.
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Currently trading at a $1.2 million market valuation LEXG has fallen a long way and investors are hoping the $0.0023 is the all-time low and reversal point. The stock has a history of highly explosive moves and is the kind of stock that could heat up at any moment and go on a 2 or 3 day massive tear as it’s done several times in the past.
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Disclosure: we hold no position in LEXG either long or short and we have not been compensated for this article.