Company: JXG
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043744
Chunk: 244

Company: JX Luxventure Group Inc.
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 244
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votes together without common stock on an as-if-converted basis, which is not exercisable for one year, has no special dividend rights,
and ranks equally to our common stock with respect to rights upon liquidation. All shares of common stock issuable upon conversion of
the Series C Preferred Stock are subject to a one-year lock-up agreement running from the initial closing of the financing.

On November 1, 2021, the “ Company
closed the private placement offering (the “ Offering”) of its newly-designated Series D Convertible Preferred Stock, par value
$0.0001per share (“ Series D Convertible Preferred Stock”), in which the Company issued100,000shares of Series D Convertible
Preferred Stock (the “ Shares”) for the total gross proceeds of $3,900,000. As stated in the Certificate of Designation, shares
of Series D Convertible Preferred Stock vote together with holders of shares of common stock, par value $0.0001per share (the “ Common
Stock”) of the Company on an as-if-converted basis; have no special dividend right, ranks equal to the Common Stock with respect
to rights upon liquidation and are convertible into shares of Common Stock on a 1 to 1.3 basis at any time following the issuance.

On August 26, 2024, the Company entered into a debt exchange agreement
(the “2024 Exchange Agreement”), pursuant to which, the note holders of the Company agreed to cancel the total amount of the
Company’s indebtedness issued to each Holder in exchange for the issuance of shares of a new series of the Company’s preferred
stock, designated as Series E Convertible Preferred Stock (the “ Series E Stock”), pursuant to the terms and subject to conditions
set forth in the 2024 Exchange Agreement. Upon satisfaction of the closing conditions, at the Closing, the Company will issue an aggregate
of1,000,000shares of Series E Stock (the “ Series E Shares”) to the note holders at the exchange price of $3.00per share,
in consideration of cancellation of the total outstanding debt by the Company to the note holders with aggregate amount of $3,000,000.
Pursuant to the terms of the Certificate of Designation of Series E Stock, Series E Shares features a stated value of $3.00per share
and are convertible to shares of the Company’s common stock at the conversion rate of 1 for 10, such as each Series E Share to be