Current Report Filing (8-k)
November 22 2017 - 5:26PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act
of 1934
Date of Report (Date of earliest event reported)
October
12, 2017
LITHIUM EXPLORATION GROUP,
INC.
(Exact name of registrant as specified in its
charter)
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Nevada
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333-175883
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06-1781911
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(State or other jurisdiction of
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(Commission File Number)
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(IRS Employer
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incorporation)
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Identification No.)
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3800 North Central Avenue, Suite 820, Phoenix,
Arizona
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85012
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code
(480)
641-4790
N/A
(Former name or former address, if
changed since last report.)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
[ ] Written communications pursuant to Rule 425
under the Securities Act (17 CFR 230.425)
[ ] Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
2
Item 1.01 Entry
into a Material Definitive Agreement
On October 12, 2017 we entered into an option purchase
agreement with Enbloc Cell LLC, a South Korea based manufacturer of lithium ion
batteries. Pursuant to the agreement, we paid $25,000 to Enbloc Cell to obtain
the option, for a period of 120 days, to acquire Enbloc Cell’s worldwide patent
rights for its Enbloc clip-type lithium secondary battery pack, which are
capable of fitting into two-cell or four cell battery compartments of electronic
devices. In order to exercise the option we must pay to Enbloc Cell $100,000
prior to the expiration of the option period.
Item 5.03
Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On November 20, 2017, our Board of Directors approved a reverse
stock split of our issued and authorized shares of common and preferred stock on
the basis of 200 old shares for one (1) new share. When completed the reverse
stock split will result in the decrease of our authorized capital from
10,000,000,000 shares of common stock and 100,000,000 shares of preferred stock
to 50,000,000 shares of common stock and 5,000,000 shares of preferred stock.
Correspondingly, our issued and outstanding capital shall decrease from
3,585,818,688 shares of common stock and 70,000,000 shares of Class C Preferred
Stock to 17,929,094 shares of common stock and 350,000 shares of Class C Preferred Stock, all with a par value of $0.001. No
fractional shares will be issued in connection with the reverse stock split;
fractional shares will be rounded up.
Completion of the reverse stock split is subject to the prior
approval of the Financial Industry Regulatory Authority (“FINRA”). We will
announce the completion of FINRA's review and the effectiveness of the amendment
on the market by filing a Current Report on Form 8-K.
Item 9.01
Financial Statements and Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
LITHIUM EXPLORATION GROUP, INC.
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/s/ Alex
Walsh
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Alex Walsh
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President and Director
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Date: November 22, 2017
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