LITHIUM EXPLORATION GROUP, INC. (OTCMKTS:LEXG) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal YearItem 5.03
On March 2, 2018, the Board of Board of Directors of Lithium Exploration Group Inc. (“we”, “us”, “our”, the “Company”) approved the an amendment (the “Amendment”) to our Articles of Incorporation to increase the authorized number of shares of common stock from 50,000,000 shares to 750,000,000 shares, par value $0.001. Subsequently, the Amendment was approved by written consent of the holder of 350,000 shares of our Series C preferred stock, which hold 100 for 1 voting rights with the holders of our common shares, being 51% of our issued and outstanding voting securities. The approval was made in accordance with Sections 78.320 and 78.390 of the Nevada Revised Statues, which provide that a corporation’s articles may be amended by written consent of the stockholders representing at least a majority of the voting power.
The Company will, as soon as practicable following the date of this Current Report on Form 8-K, file with the Securities and Exchange Commission and deliver to the shareholders a Schedule 14c Information Statement regarding approval of the amendment. Thereafter, following the expiration of the twenty-day (20) period mandated by Rule 14c, the Company will file Articles of Amendment to amend our Articles of Incorporation to give effect to the Amendment.
| Item 9.01 | Financial Statements and Exhibits |
About LITHIUM EXPLORATION GROUP, INC. (OTCMKTS:LEXG)
Lithium Exploration Group, Inc. is an exploration-stage company. The Company is engaged in the acquisition, exploration and development of resource properties. It is focused on the acquisition and development of assets in Alberta, Canada. Its Ultrasonic Technology assists in separating suspended solids from brine water. The technology is based around a transportable ultra-sound reactor. It has applications in the oil and gas, and mining industries. The Ultrasonic Generator (single base unit) can desalinate water at a rate of over 25 to 35 cubic meters per hour. The two discharge streams are distilled water and marketable minerals (flow rates will vary depending on the salinity level of the input stream). The Ultrasonic Generator also has the ability to upgrade crude oil. A single Ultrasonic Generator can upgrade crude oil into petroleum products. The Ultrasonic Generator’s by-products are clean water (or steam) and minerals. As of June 30, 2016, it did not generate any revenue.
