LITHIUM EXPLORATION GROUP, INC. (OTCMKTS:LEXG) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
Item 3.02 Unregistered Sales of Equity Securities
On August 3, 2017 we entered into a debt settlement subscription agreement with a creditor for settlement of amounts owed relating to an outstanding convertible note in the principal amount of $708,000, inclusive of accrued interest. In lieu of receiving cash as payment, the creditor has agreed to accept 70,000,000 Class C Convertible Preferred Shares of the Company as payment of the indebtedness, to the terms of the settlement agreement.
Thereafter, on August 23, 2017, Company has issued an aggregate of 70,000,000 Class C Convertible Preferred Shares at the deemed price of $0.0101 per share. We have issued all of the shares to one US person (as that term is defined in Regulation S of the Securities Act of 1933), relying on Rule 506 promulgated under Regulation D of the Securities Act of 1933, as amended.
Item 3.03 Material Modification to Rights of Security Holders
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On August 22, 2017, our Board of Directors approved a Certificate of Designation authorizing the creation of 70,000,000 Class C Preferred Shares. The Class C Shares are convertible, redeemable and have certain enhanced voting rights.
The complete Certificate of Designation is filed as Exhibit 4.1 to this Current Report.
Item 9.01 Financial Statements and Exhibits
Lithium Exploration Group, Inc. ExhibitEX-4.1 2 exhibit4-1.htm EXHIBIT 4.1 Lithium Exploration Group,…To view the full exhibit click here
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.
