Document:

Lithium Exploration Group, Inc. - Exhibit 10.125 - Filed by newsfilecorp.com

LITHIUM EXPLORATION GROUP, INC. 
10% CONVERTIBLE
PROMISSORY NOTE 

	Effective Date July 26, 2017 	US $33,000.00
  

Due: July 26, 2018 

THIS NOTE AND THE COMMON STOCK ISSUABLE UPON CONVERSION OF
THIS NOTE HAVE NOT BEEN AND WILL NOT BE REGISTERED WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND THE RULES AND REGULATIONS PROMULGATED THEREUNDER (THE
"1933 ACT”) 

FOR VALUE RECEIVED Lithium Exploration Group, Inc. (the
“Company”) promises to pay to the order of BlueCiti, LLC, and its
authorized successors and permitted assigns ("Holder"), the aggregate
principal face amount of One Hundred Thousand Dollars exactly (U.S. $30,000.00)
on July 26, 2018 ("Maturity Date"). The Company will pay interest on the
principal amount outstanding at the rate of 10% per annum, which will commence
on July 26, 2017. The Company acknowledges that this Note was issued with a
$3,000.00 original issue discount (“OID”) such that the issuance price was
$33,000.00. The interest will be paid to the Holder in whose name this Note is
registered on the records of the Company regarding registration and transfers of
this Note. The principal of, and interest on, this Note are payable at 1357 Ave
Ash-ford, San Juan, PR 00907, initially, and if changed, last appearing on the
records of the Company as designated in writing by the Holder hereof from time
to time. The Company will pay each interest payment and the outstanding
principal due upon this Note before or on the Maturity Date, less any amounts
required by law to be deducted or withheld, to the Holder of this Note by check
or wire transfer addressed to such Holder at the last address appearing on the
records of the Company. The forwarding of such check or wire transfer shall
constitute a payment of outstanding principal hereunder and shall satisfy and
discharge the liability for principal on this Note to the extent of the sum
represented by such check or wire transfer. Interest shall be payable in Common
Stock (as defined below) pursuant to paragraph 4(b) herein. 

                    
This Note is subject to the following additional provisions: 

                    
1.        This Note is exchangeable for an
equal aggregate principal amount of Notes of different authorized denominations,
as requested by the Holder surrendering the same. No service charge will be made
for such registration or transfer or exchange, except that Holder shall pay any
tax or other governmental charges payable in connection therewith. 

                    
2.        Under all applicable laws, the
Company shall be entitled to withhold any amounts from all payments it is
entitled to. 

                    
3.        This Note may only be transferred
or exchanged in compliance with the Securities Act of 1933, as amended
("Act") and any applicable state securities laws. All attempts transfer
to a non-qualifying party shall be treated by the Company as void. Prior to due
presentment for transfer of this Note, the Company and any agent of the Company
may treat the person in whose name this Note is duly registered on the Company's
records as the owner hereof for all other purposes, whether or not this Note be
overdue, and neither the Company nor any such agent shall be affected or bound
by notice to the contrary. Any Holder of this Note electing to exercise the
right of conversion set forth in Section 4(a) hereof, in addition to the
requirements set forth in Section 4(a), and any prospective transferee of this
Note, also is required to give the Company written confirmation that this Note
is being converted ("Notice of Conversion") in the form annexed hereto as
Exhibit A. The date of receipt (including receipt by telecopy) of such
Notice of Conversion shall be the Conversion Date.

                    
1.       
4.        (a) The Holder of this Note has the
option, upon the issuance date of the stock, to convert all or any amount of the
principal face amount of this Note then outstanding into shares of the Company's
common stock (the "Common Stock") at a price ("Conversion Price")
for each share of Common Stock equal to the lesser of $0.005 or 25% discount of
the lowest trading price of the Common Stock as reported on
the National Quotations Bureau OTC Markets exchange which the Company’s shares
are traded or any exchange upon which the Common Stock may be traded in the
future ("Exchange"), for the (i) twenty
prior trading days, including the day upon which a Notice of
Conversion is received by the Company (provided such Notice of Conversion is
delivered by fax or other electronic method of communication to the Company
after 4 P.M. Eastern Standard or Daylight Savings Time if the Holder wishes to
include the same day closing price), or (ii) the twenty
prior trading days immediately preceding the issuance date of this Note. The
Notice of Conversion may be rescinded if the shares have not been delivered
within 3 business days. The Company shall deliver the shares of Common Stock to
the Holder within 3 business days of receipt by the Company of the Notice of
Conversion. The Holder shall surrender this Note to the Company upon receipt of
the shares of Common Stock, executed by the Holder. This will make clear the
Holder's intention to convert this Note or a specified portion hereof, and
accompanied by proper assignment hereof in blank. Accrued but unpaid interest
shall be subject to conversion. The number of issuable shares will be rounded to
the nearest whole share, and no fractional shares or scrip representing
fractions of shares will be issued on conversion. To the extent the Conversion
Price of the Company’s Common Stock closes below the par value per share, the
Company will take all steps necessary to solicit the consent of the stockholders
to reduce the par value to the lowest value possible under law. The Company
agrees to honor all conversions submitted pending this increase. In the event
the Company experiences a DTC “Chill” on its shares, the conversion price
discount shall be increased to 60% while that “Chill” is in effect.
Notwithstanding anything to the contrary contained in the Note (except as
set forth below in this Section), the Note shall not be convertible by Investor,
and Company shall not effect any conversion of the Note or otherwise issue any
shares of Common Stock to the extent (but only to the extent) that Investor
together with any of its affiliates would beneficially own in excess of 9.99%
(the “Maximum Percentage”) of the Common Stock outstanding. To the extent
the foregoing limitation applies, the determination of whether a Note shall be convertible (vis-à-vis
other convertible, exercisable or exchangeable securities owned by Investor or
any of its affiliates) and of which such securities shall be convertible,
exercisable or exchangeable (as among all such securities owned by Investor and
its affiliates) shall, subject to such Maximum Percentage limitation, be
determined on the basis of the first submission to Company for conversion,
exercise or exchange (as the case may be). 

No prior inability to convert a Note,
or to issue shares of Common Stock, pursuant to this Section shall have any
effect on the applicability of the provisions of this Section with respect to
any subsequent determination of convertibility. For purposes of this Section,
beneficial ownership and all determinations and calculations (including, without
limitation, with respect to calculations of percentage ownership) shall be
determined in accordance with Section 13(e) of the 1934 Act (as defined below)
and the rules and regulations promulgated thereunder. The provisions of this
Section shall be implemented in a manner otherwise than in strict conformity
with the terms of this Section to correct this Section (or any portion hereof)
which may be defective or inconsistent with the intended Maximum Percentage
beneficial ownership limitation herein contained or to make changes or
supplements necessary or desirable to properly give effect to such Maximum
Percentage limitation. The limitations contained in this Section shall apply to
a successor holder of this Note and shall be unconditional, irrevocable and
non-waivable. For any reason at any time, upon the written or oral request of
Investor, Company shall within one (1) business day confirm orally and in
writing to Investor the number of shares of Common Stock then outstanding,
including by virtue of any prior conversion or exercise of convertible or
exercisable securities into Common Stock, including, without limitation,
pursuant to this Note. During the first six months, this Note is in effect, the
Investor may not convert this Note pursuant to this paragraph. The conversion
discount and look-back period will be adjusted downward (i.e. for the benefit of
the Holder) if the Company offers a more favorable conversion discount (whether
via interest rate, OID, lower ceiling price or otherwise) or look-back period to
another party while this note is in effect and the Holder will also get the
benefit of any other term (for a example a higher prepay) granted to any third
party while this Note is in effect. 

                                   (b)       
Interest on any unpaid principal balance of this Note shall be paid at the rate
of 10% per annum. Interest shall be paid, by the Company, in Common Stock
("Interest Shares"). Holder may send in a Notice of Conversion to the Company
for Interest Shares based on the formula provided in Section 4(a) above. The
dollar amount converted into Interest Shares shall be all or a portion of the
accrued interest calculated on the unpaid principal balance of this Note to the
date of such notice.

                                  
(c)        This Note may not be prepaid. 

                                  
(d)        Upon (i) a transfer of all or
substantially all of the assets of the Company to any person in a single
transaction or series of related transactions, (ii) a reclassification, capital
reorganization or other change or exchange of outstanding shares of the Common
Stock, other than a forward or reverse stock split or stock dividend, or (iii)
any consolidation or merger of the Company with or into another person or entity
in which the Company is not the surviving entity (other than a merger which is
effected solely to change the jurisdiction of incorporation of the Company and
results in a reclassification, conversion or exchange of outstanding shares of
Common Stock solely into shares of Common Stock) (each of items (i), (ii) and
(iii) being referred to as a "Sale Event"), then, in each case, the Company
shall, upon request of the Holder, redeem this Note in cash for 150% of the principal
amount, plus accrued but unpaid interest through the date of redemption, or at
the election of the Holder, such Holder may convert the unpaid principal amount
of this Note (together with the amount of accrued but unpaid interest) into
shares of Common Stock immediately prior to such Sale Event at the Conversion
Price. 

                                  
(e)        In case of any Sale Event (not to
include a sale of all or substantially all of the Company’s assets) in
connection with which this Note is not redeemed or converted, the Company shall
cause effective provision to be made so that the Holder of this Note shall have
the right thereafter, by converting this Note, to purchase or convert this Note
into the kind and number of shares of stock or other securities or property
(including cash) receivable upon such reclassification, capital reorganization
or other change, consolidation or merger by a holder of the number of shares of
Common Stock that could have been purchased upon exercise of the Note and at the
same Conversion Price, as defined in this Note, immediately prior to such Sale
Event. The foregoing provisions shall similarly apply to successive Sale Events.
If the consideration received by the holders of Common Stock is other than cash,
the value shall be as determined by the Board of Directors of the Company or
successor person or entity acting in good faith. 

                    
5.        No provision of this Note shall
alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of, and interest on, this Note at the time,
place, and rate, and in the form, herein prescribed. 

                    
6.        The Company hereby expressly waives
demand and presentment for payment, notice of non-payment, protest, notice of
protest, notice of dishonor, notice of acceleration or intent to accelerate, and
diligence in taking any action to collect amounts called for hereunder and shall
be directly and primarily liable for the payment of all sums owing and to be
owing hereto. 

                    
7.        The Company agrees to pay all costs
and expenses, including reasonable attorneys' fees and expenses, which may be
incurred by the Holder in collecting any amount due under this Note. 

                    
8.        While this Note is outstanding and
to the extent the Company grants any other party more favorable investment terms
(whether via interest rate, original issue discount, conversion discount or
look-back period), the terms of the Note shall automatically adjust to match
those more favorable terms. 

                    
9.        If one or more of the following
described "Events of Default" shall occur: 

                                  
(a)        The Company shall default in the
payment of principal or interest on this Note or any other note issued to the
Holder by the Company; or 

                                  
(b)        Any of the representations or
warranties made by the Company herein or in any certificate or financial or
other written statements heretofore or hereafter furnished by or on behalf of
the Company in connection with the execution and delivery of this Note, or the Securities Purchase Agreement under which this
note was issued shall be false or misleading in any respect; or 

                                  
(c)        The Company shall fail to perform
or observe, in any respect, any covenant, term, provision, condition, agreement
or obligation of the Company under this Note or any other note issued to the
Holder; or 

                                  
(d)        The Company shall (1) become
insolvent; (2) admit in writing its inability to pay its debts generally as they
mature; (3) make an assignment for the benefit of creditors or commence
proceedings for its dissolution; (4) apply for or consent to the appointment of
a trustee, liquidator or receiver for its or for a substantial part of its
property or business; (5) file a petition for relief, consent to the filing of
such petition or have filed against it an involuntary petition for bankruptcy
relief, all under federal or state laws as applicable; or 

                                  
(e)        A trustee, liquidator or receiver
shall be appointed for the Company or for a substantial part of its property or
business without its consent and shall not be discharged within sixty (60) days
after such appointment; or 

                                  
(f)        Any governmental agency or any
court of competent jurisdiction at the instance of any governmental agency shall
assume custody or control of the whole or any substantial portion of the
properties or assets of the Company; or 

                                  
(g)        One or more money judgments, writs
or warrants of attachment, or similar process, in excess of One Hundred Forty
One Thousand Six Hundred and Eighty dollars ($141,680.00) in the aggregate,
shall be entered or filed against the Company or any of its properties or other
assets and shall remain unpaid, unvacated, unbonded or unstayed for a period of
fifteen (15) days or in any event later than five (5) days prior to the date of
any proposed sale thereunder; or 

                                  
(h)        The Company shall have defaulted
on or breached any term of any other note of similar debt instrument into which
the Company has entered and failed to cure such default within the appropriate
grace period; or 

                                  
(i)        The Company shall have its Common
Stock delisted from an exchange (including the OTCBB exchange) or, if the Common
Stock trades on an exchange, then trading in the Common Stock shall be suspended
for more than 10 consecutive days;

                                  
(j)        If a majority of the members of
the Board of Directors of the Company on the date hereof are no longer serving
as members of the Board;

                                  
(k)        The Company shall not deliver to
the Holder the Common Stock pursuant to paragraph 4 herein without restrictive
legend within 3 business days of its receipt of a Notice of Conversion; or 

                                  
(l)        The Company shall not replenish
the reserve set forth in Section 13, within 3 business days of the request of
the Holder. If the Company does not replenish, the request of the Holder then the conversion discount set forth in
Section 4(a) shall be increased from a 50% conversion discount to a 60%
conversion discount; or 

                                  
(m)        The Company shall not be “current”
in its filings with the Securities and Exchange Commission; or 

                                  
(n)        The Company shall lose the “bid”
price for its stock in a market (including the OTC marketplace or other
exchange). 

                                  
(o)        The Company is in arrears for more
than 30 days with its Transfer Agent, the conversion discount shall be increased
from 50% to 60%. 

                                  
(p)        A default has been declared
against the Company, which has not been cured in any other loan or Note
agreement. 

Then, or at any time thereafter, unless cured within 5 days,
and in each and every such case, unless such Event of Default shall have been
waived in writing by the Holder (which waiver shall not be deemed to be a waiver
of any subsequent default) at the option of the Holder and in the Holder's sole
discretion, the Holder may consider this Note immediately due and payable,
without presentment, demand, protest or (further) notice of any kind (other than
notice of acceleration), all of which are hereby expressly waived, anything
herein or in any note or other instruments contained to the contrary
notwithstanding, and the Holder may immediately, and without expiration of any
period of grace, enforce any and all of the Holder's rights and remedies
provided herein or any other rights or remedies afforded by law. Upon an Event
of Default, interest shall accrue at a default interest rate of 28% per annum
or, if such rate is usurious or not permitted by current law, then at the
highest rate of interest permitted by law. In the event of a breach of Section
8(k) the penalty shall be $250 per day the shares are not issued beginning on
the 4th day after the conversion notice was delivered to the Company.
This penalty shall increase to $500 per day beginning on the 10th
day. The penalty for a breach of Section 8(n) shall be an increase of the
outstanding principal amounts by 20%. In case of a breach of Section 8(i), (k),
or (l) the outstanding principal due under this Note shall increase by 50%. If
this Note is not paid at maturity, the outstanding principal due under this Note
shall increase by 10%. If the Holder shall commence an action or proceeding to
enforce any provisions of this Note, including, without limitation, engaging an
attorney, then if the Holder prevails in such action, the Holder shall be
reimbursed by the Company for its attorneys’ fees and other costs and expenses
incurred in the investigation, preparation and prosecution of such action or
proceeding.

At the Holder’s election, if the Company fails for any reason
to deliver to the Holder the conversion shares by the 3rd business day following
the delivery of a Notice of Conversion to the Company and if the Holder incurs a
Failure to Deliver Loss, then at any time the Holder may provide the Company
written notice indicating the amounts payable to the Holder in respect of the
Failure to Deliver Loss and the Company must make the Holder whole as follows:

Failure to Deliver Loss = [(High trade
price at any time on or after the day 
of exercise) x (Number of conversion
shares)] 

The Company must pay the Failure to Deliver Loss by cash
payment, and any such cash payment must be made by the third business day from
the time of the Holder’s written notice to the Company. 

                    
10.      In case any provision of this Note is held by
a court of competent jurisdiction to be excessive in scope or otherwise invalid
or unenforceable, such provision shall be adjusted rather than voided, if
possible, so that it is enforceable to the maximum extent possible, and the
validity and enforceability of the remaining provisions of this Note will not in
any way be affected or impaired thereby. 

                    
11.      Neither this Note nor any term hereof may be
amended, waived, discharged or terminated other than by a written instrument
signed by the Company and the Holder. 

                    
12.      The Company represents that it is not a
“shell” issuer and has never been a “shell” issuer or that if it previously has
been a “shell” issuer that at least 12 months have passed since the Company has
reported form 10 type information indicating it is no longer a “shell issuer.
Further. The Company will instruct its counsel to either (i) write a 144-
3(a)(9) opinion to allow for salability of the conversion shares or (ii) accept
such opinion from Holder’s counsel. 

                    
13.      The Company will give the Holder direct notice
of any corporate actions, including but not limited to name changes, stock
splits, recapitalizations etc. This notice shall be given to the Holder as soon
as possible under law.

                    
14.      This Note shall be governed by and construed
in accordance with the laws of New York applicable to contracts made and wholly
to be performed within the State of New York and shall be binding upon the
successors and assigns of each party hereto. The Holder and the Company hereby
mutually waive trial by jury and consent to exclusive jurisdiction and venue in
the courts of the State of New York. This Agreement may be executed in
counterparts, and the facsimile transmission of an executed counterpart to this
Agreement shall be effective as an original. 

IN WITNESS WHEREOF, the Company has caused this Note to be duly
executed by an officer thereunto duly authorized. 

Dated: July 26, 2017 

 

EXHIBIT A 

NOTICE OF CONVERSION 

(To be Executed by the Registered Holder in order to Convert the
Note) 

                           
  The undersigned hereby irrevocably elects to convert $___________ of the above
  Note into _________ Shares of Common Stock of Lithium Exploration Group, Inc.
  (“Shares”) according to the conditions set forth in such Note, as of the date
  written below. 

                           
  If Shares are to be issued in the name of a person other than the undersigned,
  the undersigned will pay all transfer and other taxes and charges payable with
  respect thereto. 

Date of Conversion:
  _____________________________________________________________________

  Applicable
  Conversion Price:
  ______________________________________________________________

  Signature: _____________________________________________________________________________

                                  
  [Print Name of Holder and Title of Signer] 

  Address:
  ______________________________________________________________________________

                   ______________________________________________________________________________

SSN or EIN:
  __________________________________________

  Shares are to be registered in the
  following name: _______________________________________________

Name:
  ________________________________________________________________________________

  Address:
  ______________________________________________________________________________

  Tel:
  ________________________________________________

  Fax:
  ________________________________________________

  SSN or EIN:
  __________________________________________

Shares are to be sent or delivered to the following account: 

Account Name:
  _________________________________________________________________________

  Address:
______________________________________________________________________________Lithium Exploration Group, Inc. - Exhibit 10.126 - Filed by newsfilecorp.com

	CONSOLIDATED
      DEBT PURCHASE AGREEMENT 

      
     THIS CONSOLIDATED DEBT PURCHASE AGREEMENT
(the “Agreement”) is entered into effective as of the 30th
day July, 2017 (the “Effective Date”), by and between JDF CAPITAL
INC., having an address of 62 E. Main St., Freehold, New Jersey, 07728
(“Assignor”); and, BLUE CITI LLC, having an address of 1357 Ave. Ashford,
San Juan, Puerto Rico, 00907 (“Assignee”). Assignor and Assignee are
sometimes referred to collectively herein as the “Parties”, and each
individually as a “Party”.

RECITALS

            A.       
Assignee wishes to assume all of Assignor’s right, title, and interest in and to
those twenty (20) certain promissory notes issued by Lithium Exploration Group,
Inc., a Nevada corporation (the “Company”) in favor of Assignor in the
total original principal amount of Two Million Nine Hundred Seventeen Thousand
Six Hundred Five Dollars ($2,917,605), with a current outstanding principal
balance of Two Million Seventy Eight Thousand Six Hundred Five Dollars
($2,078,605), referred to herein as the “Assigned Amount”.

            B.       
The Assigned Amount is represented by those promissory notes of the Company
attached hereto as Exhibit “A” (each, a “Note”, and collectively, the
“Notes”). 

            C.       
The Assigned Amount represents the original principal under each of the Notes.
The actual principal owed and outstanding under the Notes is less than the
Assigned Amount. 

            D.       
Assignee is the holder of that certain Convertible Debenture dated 10
April 2015 in the original principal amount of Five Hundred Thirty Five Thousand
Dollars ($535,000) issued by Thinspace Technology, Inc., a copy of which is
attached hereto as Exhibit “B” (the “Thinspace Debenture”). 

            E.       
Assignor desires to assign to Assignee all of Assignors’ right, title, and
interest in and to the Notes and any all amounts due thereunder (without
limitation, principal, interest, default interest, penalties, and similar
amounts, and each of them, based on the terms and conditions set out herein.

            F.       
Assignee desires to acquire all of Assignors’ right, title, and
interest in and to the Notes, and each of them, based on the terms and
conditions set out herein, using a portion of the Thinspace Debenture as part of
the consideration paid hereunder.

            G.       
NOW, THEREFORE, in consideration of the promises and the mutual
covenants contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Parties, intending
to be legally bound, hereby agree as follows:

 
     1.       
Consideration. In consideration for the assignment of
the Note, Assignee shall pay to Assignor the exact and total amount of Three
Hundred Fifty Thousand Dollars ($350,000.00), which amount is referred to herein
as the “Purchase Price”.

       2.  
Payment. Payment of the Purchase Price shall be payable as
follows: 

            a.       
One Hundred Thousand Dollars ($100,000) in the form of Assignee’s promissory
note, attached hereto as Exhibit “C” (“Payment Note”), to be delivered at
the Closing.

            b.       
Two Hundred Fifty Thousand Dollars ($250,000) in the form of Assignee’s right,
title, and interest in and to Two Hundred Fifty Thousand Dollars ($250,000) of
the original principal balance and all accrued and unpaid interest thereon under
the Thinspace Debenture (the “Assigned Portion”).

     
 3.       
Closing and Assignment. Subject to and in accordance
with the terms and conditions set forth in this Agreement, Assignor hereby
grants, sells, assigns, and conveys to Assignee, without recourse, all of
Assignor’s right, title, and interest in, to, and under each of the Notes. The
closing of the transactions contemplated hereunder (the “Closing”) shall take place simultaneously with the
delivery of the Purchase Price via delivery of the signed Payment Note and a
fully executed version of this Agreement. The Closing shall occur no later than
5:00 P.M., New York time, on 31 July 2017, unless extended by the mutual written
consent of the Parties.

1

      
4.       
Representations of Assignor. Assignor hereby represents
and covenants to Assignee that:

            a.       
Assignor has all requisite authority to execute and deliver this Agreement and
any other document contemplated by this Agreement and to perform its obligations
hereunder and to consummate the transactions hereunder. This Agreement has been
duly executed and delivered by Assignor and constitutes the legal, valid, and
binding obligations of Assignor, enforceable against Assignor in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance or transfer, moratorium, or
similar laws affecting the enforcement of creditors’ rights generally or by
equitable principles relating to enforceability (regardless of whether
considered in a proceeding at law or in equity).

            b.       
Upon Closing, Assignor shall retain no right, title, or interest in and to any
of the Notes, and all outstanding principal, accrued and unpaid interest, and
all other fees, penalties, amounts due on each of the Notes shall be collected
by Assignee.

            c.       
Each Note is free and clear of all liens, mortgages, pledges, security
interests, encumbrances, or charges of any kind or description. Assignor has the
sole and unrestricted right to sell and/or transfer the Notes. Assignor is
conveying to Assignee all of its rights, title, and interests to each of the
Notes, free and clear of all liens, mortgages, pledges, security interests,
encumbrances, or charges of any kind or description. Upon transfer to Assignee
by Assignor of the Notes, Assignee will have good and unencumbered title to each
Note, free and clear of any and all liens or claims.

            d.       
Assignor is an "accredited investor" within the meaning of Regulation D, Rule
501(a), promulgated by the Securities and Exchange Commission under the
Securities Act of 1933, as amended (the “Securities Act”).

            e.       
Assignor represents and warrants that it has read the terms of the Thinspace
Debenture and agrees to such terms.

            f.       
Neither Assignor nor any of its officers and directors, if a legal entity, are
now, or have been in the last 90-days, officers or directors of the Company, or
beneficial holders of 10% or more of the equity securities of the Company, or in
any way an affiliate of the Company, as such term is defined under the
Securities Act.

      
5.       
Representations of Assignee. Assignee hereby represents
and covenant to Assignor that:

            a.       
Assignee has all requisite power and authority to execute and deliver this
Agreement and any other document contemplated by this Agreement to be signed by
Assignee and to perform its obligations hereunder and to consummate the
transactions contemplated hereby. 

            b.       
Assignee understands that the shares to be issued upon conversion of the Notes
have not been, and may not be, registered under the Securities Act by reason of
a specific exemption from the registration provisions of the Securities Act, the
availability of which depends upon, among other things, the bona fide nature of
the investment intent and the accuracy of Assignee’s representations as
expressed herein or otherwise made pursuant hereto.

            c.       
Assignee has substantial experience in evaluating and investing in securities of
companies similar to the Company and acknowledges that it can protect its own
interests. Assignee has such knowledge and experience in financial and business
matters so it is capable of evaluating the merits and risks of its investment in
the Company. Assignee is an “accredited investor” within the meaning of the
Securities Act.

            d.       
Assignee represents and warrants that it has read the terms of each of the Note
and agrees to such terms, and further understands that the actual principal owed
and outstanding under the Notes is less than the Assigned Amount. 

2

            e.       
Upon Closing, Assignee shall retain no right, title, or interest in and to the
Assigned Portion under the Thinspace Debenture, and all outstanding principal,
accrued and unpaid interest, and all other fees, penalties, amounts due on the
Assigned Portion under the Thinspace Debenture shall be collected by
Assignor.

            f.       
The Thinspace Debenture is free and clear of all liens, mortgages, pledges,
security interests, encumbrances, or charges of any kind or description.
Assignee has the sole and unrestricted right to sell and/or transfer the
Thinspace Debenture, and in particular the Assigned Portion. Assignee is
conveying to Assignor all of its rights, title, and interests to the Assigned
Portion under the Thinspace Debenture, free and clear of all liens, mortgages,
pledges, security interests, encumbrances, or charges of any kind or
description. Upon transfer to Assignor by Assignee of the Assigned Portion under
the Thinspace Debenture, Assignor will have good and unencumbered title to the
Assigned Portion under the Thinspace Debenture, free and clear of any and all
liens or claims.

            g.       
Assignee has not modified or amended the Thinspace Debenture or agreed to modify
or amend the Thinspace Debenture, other than that certain Amendment No. 1 to
Convertible Debenture dated 10 April 2015, executed on 14 May 2015, a copy of
which is attached hereto as Exhibit “D”.

            h.       
Assignee is not aware of any valid offset, defense, counterclaim, or right of
rescission as to the Thinspace Debenture. 

      
5.       
Additional Provisions.

            a.       
This Agreement may be executed in any number of counterparts, all of which when
taken together shall be considered one and the same agreement, it being
understood that all Parties need not sign the same counterpart. In the event
that any signature is delivered by Fax or by E-Mail, such signature shall create
a valid and binding obligation of that Party (or on whose behalf such signature
is executed) with the same force and effect as an original thereof. Any
photographic, photocopy, or similar reproduction copy of this Agreement, with
all signatures reproduced on one or more sets of signature pages, shall be
considered for all purposes as if it were an executed counterpart of this
Agreement.

            b.       
This Agreement, and all references, documents, or instruments referred to
herein, contains the entire agreement and understanding of the Parties in
respect to the subject matter contained herein. The Parties have expressly not
relied upon any promises, representations, warranties, agreements, covenants, or
undertakings, other than those expressly set forth or referred to herein. This
Agreement supersedes (i) any and all prior written or oral agreements,
understandings, and negotiations between the Parties with respect to the subject
matter contained herein; and, (ii) any course of performance and/or usage of the
trade inconsistent with any of the terms hereof.

            c.       
Each and every provision of this Agreement is severable and independent of any
other term or provision of this Agreement. If any term or provision hereof is
held void or invalid for any reason by a court of competent jurisdiction, such
invalidity shall not affect the remainder of this Agreement.

            d.       
This Agreement shall be governed by the laws of the State of Nevada, without
giving effect to any choice or conflict of law provision or rule (whether of the
State of Nevada or any other jurisdiction) that would cause the application of
the laws of any jurisdiction other than the State of Nevada. If any court action
is necessary to enforce the terms and conditions of this Agreement, the Parties
hereby agree that the Superior Court of California, County of Orange, shall be
the sole jurisdiction and venue for the bringing of such action.

            e.       
The Parties agree that irreparable damage would occur in the event that any of
the provisions of this Agreement were not performed in accordance with their
specific terms or were otherwise breached. Accordingly, it is agreed that the
Parties shall be entitled to seek an injunction or injunctions to prevent
breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement, this being in addition to any other remedy to which they are
entitled at law or in equity. The remedies of the Parties under this Agreement
are cumulative and shall not exclude any other remedies to which any person may
be lawfully entitled.

3

            f.       
No failure by any Party to insist on the strict performance of any covenant,
duty, agreement, or condition of this Agreement or to exercise any right or
remedy on a breach shall constitute a waiver of any such breach or of any other
covenant, duty, agreement, or condition.

            g.       
In the event of any legal action (including arbitration) to enforce or interpret
the provisions of this Agreement, the non-prevailing Party shall pay the
reasonable attorneys’ fees and other costs and expenses including expert witness
fees of the prevailing Party in such amount as the court shall determine. In
addition, such non-prevailing Party shall pay reasonable attorneys’ fees
incurred by the prevailing Party in enforcing, or on appeal from, a judgment in
favor of the prevailing Party. The preceding sentence is intended by the Parties
to be severable from the other provisions of this Agreement and to survive and
not be merged into such judgment.

            h.       
The facts recited in Article II, above, are hereby conclusively presumed to be
true as between and affecting the Parties.

            i.       
No Party may assign any right, benefit, or interest in this Agreement without
the written consent of the other Party, which consent may not be unreasonably
withheld. This Agreement will inure to the benefit of, and be binding upon, the
Parties and their respective successors and assigns.

            j.       
This Agreement is the result of negotiations by and between the Parties, and
each Party has had the opportunity to be represented by independent legal
counsel of its choice. This Agreement is the product of the work and efforts of
all Parties, and shall be deemed to have been drafted by all Parties. In the
event of a dispute, no Party shall be entitled to claim that any provision
should be construed against any other Party by reason of the fact that it was
drafted by one particular Party.

            k.       
When a reference is made in this Agreement to an Article, Section, Subsection,
Exhibit, or Schedule, such reference shall be to said item of this Agreement
unless otherwise indicated. The Exhibits and Schedules identified in this
Agreement are incorporated herein by reference and made a part hereof as if set
out in full herein.

            l.       
Each Party agrees (i) to furnish upon request to each other Party such further
information; (ii) to execute and deliver to each other Party such other
documents; and, (iii) to do such other acts and things, all as another Party may
reasonably request for the purpose of carrying out the intent of this Agreement
and the transactions envisioned hereunder. However, this provision shall
not require that any additional representations or warranties be made and no
Party shall be required to incur any material expense or potential exposure to
legal liability pursuant to this section.

            m.       
All notices, requests and demands hereunder shall be in writing and delivered by
hand, by Electronic Transmission, by mail, or by recognized commercial
over-night delivery service (such as Federal Express or UPS), and shall be
deemed given (a) if by hand delivery, upon such delivery; (b) if by Electronic
Transmission, upon telephone confirmation of receipt of same; (c) if by mail,
forty-eight (48) hours after deposit in the United States mail, first class,
registered or certified mail, postage prepaid; or, (d) if by recognized
commercial over-night delivery service, upon such delivery.

                   1.       
Each Party hereby expressly consents to the use of Electronic Transmission for
communications and notices under this Agreement. For purposes of this Agreement,
“Electronic Transmission” means a communication (i) delivered by Fax or E-Mail
when directed to the Fax number or E-Mail address, respectively, for that
recipient on record with the sending Party; and, (ii) that creates a record that
is capable of retention, retrieval, and review, and that may thereafter be
rendered into clearly legible tangible form.

                   2.       
Any Party may alter the Fax number, E-Mail address, physical address, or postage
address to which communications or copies are to be sent by giving notice of
such change of address to the other Parties in accordance with the provisions of
this section.

            n.       
For purposes of this Agreement, (i) those words, names, or terms which are
specifically defined herein shall have the meaning specifically ascribed to
them; (ii) wherever from the context it appears appropriate, each term stated either in the singular or plural shall include
the singular and plural; (iii) wherever from the context it appears appropriate,
the masculine, feminine, or neuter gender, shall each include the others; (iv)
the words “hereof”, “herein”, “hereunder”, and words of similar import, when
used in this Agreement, shall refer to this Agreement as a whole, and not to any
particular provision of this Agreement; (v) all references to “Dollars” or “$”
shall be construed as being United States Dollars; (vi) the term “including” is
not limiting and means “including without limitation”; and, (vii) all references
to all statutes, statutory provisions, regulations, or similar administrative
provisions shall be construed as a reference to such statute, statutory
provision, regulation, or similar administrative provision as in force at the
date of this Agreement and as may be subsequently amended.

4

EXECUTION

       
    IN WITNESS WHEREOF, this CONSOLIDATED DEBT
PURCHASE AGREEMENT has been duly executed by the Parties. Each of the
undersigned Parties hereby represents and warrants that it (i) has the requisite
power and authority to enter into and carry out the terms and conditions of this
Agreement, as well as all transactions contemplated hereunder; and, (ii) it is
duly authorized and empowered to execute and deliver this Agreement. 
 

THE COMPANY HEREBY CONFIRMS THAT IT CONSENTS TO THE
ASSIGNMENT OF THE NOTE AS PROVIDED FOR IN THE AGREEMENT. IT HEREAFTER RECOGNIZES
ASSIGNEE AS THE TRUE, RIGHTFUL, AND LAWFUL “HOLDER” UNDER THE NOTE. THE
PRINCIPAL AMOUNT, ACCRUED INTEREST, AND ALL FEES DUE ON THE NOTE REMAIN
UNCHANGED AS A RESULT OF THE ASSIGNMENT. THE NON-AFFILIATE STATUS OF THE
ASSIGNOR, ITS OFFICERS, AND DIRECTORS, AS SET FORTH HEREIN, IS CORRECT.

COMPANY:

LITHIUM EXPLORATION GROUP, INC.

BY: __________________________

NAME: _______________________

TITLE: _______________________

DATED: ______________________

5

each term stated either in the singular or plural shall include
the singular and plural; (iii) wherever from the context it appears appropriate,
the masculine, feminine, or neuter gender, shall each include the others; (iv)
the words “hereof”, “herein”, “hereunder”, and words of similar import, when
used in this Agreement, shall refer to this Agreement as a whole, and not to any
particular provision of this Agreement; (v) all references to “Dollars” or “$”
shall be construed as being United States Dollars; (vi) the term “including” is
not limiting and means “including without limitation”; and, (vii) all references
to all statutes, statutory provisions, regulations, or similar administrative
provisions shall be construed as a reference to such statute, statutory
provision, regulation, or similar administrative provision as in force at the
date of this Agreement and as may be subsequently amended.

EXECUTION

        
   IN WITNESS WHEREOF, this CONSOLIDATED DEBT PURCHASE
AGREEMENT has been duly executed by the Parties. Each of the undersigned Parties
hereby represents and warrants that it (i) has the requisite power and authority
to enter into and carry out the terms and conditions of this Agreement, as well
as all transactions contemplated hereunder; and, (ii) it is duly authorized and
empowered to execute and deliver this Agreement. 
 

THE COMPANY HEREBY CONFIRMS THAT IT CONSENTS TO THE
ASSIGNMENT OF THE NOTE AS PROVIDED FOR IN THE AGREEMENT. IT HEREAFTER RECOGNIZES
ASSIGNEE AS THE TRUE, RIGHTFUL, AND LAWFUL “HOLDER” UNDER THE NOTE. THE
PRINCIPAL AMOUNT, ACCRUED INTEREST, AND ALL FEES DUE ON THE NOTE REMAIN
UNCHANGED AS A RESULT OF THE ASSIGNMENT. THE NON-AFFILIATE STATUS OF THE
ASSIGNOR, ITS OFFICERS, AND DIRECTORS, AS SET FORTH HEREIN, IS CORRECT.

COMPANY: 

5

EXHIBIT “A”
THE NOTES

 

 

 

 

6

EXHIBIT “B”
THINSPACE DEBENTURE

 

 

 

 

7

EXHIBIT “C”
PURCHASE NOTE

 

 

8

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