Lithium Exploration Group Inc. (fka LEXG)

[Renee]

LEXG referenced in SEC Litigation:

https://www.sec.gov/litigation/complaints/2020/comp-pr2020-72.pdf

Lithium Exploration Group, Inc. (“LEXG”)

i On February 13, 2013, Keener purchased a convertible note from
LEXG for $675,000 (with payments of $100,000 on that date; $50,000
on April 24, 2013; $50,000 on June 4, 2013; $50,000 on June 27, 2013;
$75,000 on August 14, 2013; $100,000 on December 10, 2013; $50,000
on February 20, 2014; and $200,000 on April 16, 2014).

ii Pursuant to the terms of the note, Keener elected to convert $106,392 of
the principal, interest, and “original issue discount” (“OID”) that LEXG
owed him into shares of LEXG’s stock on 14 occasions between April
20, 2015 and May 10, 2016. In so doing, Keener received a total of
344,744,000 newly issued shares.

iii Pursuant to the favorable terms that Keener negotiated for himself, the conversion price for these shares was 50% less than the lowest closing price for the stock in the 20 trading days preceding each conversion. The terms that Keener negotiated allowed him to spend significantly less money to acquire the shares than he would have paid on the open market.

iv Keener sold the shares shortly after each conversion (between April
2015 and May 2016), generating profits of $154,168, most of which
were attributable to the discounted acquisition prices that he negotiated.