Document:

Lithium Exploration Group, Inc.: Exhibit 10.14 - Filed by newsfilecorp.com

THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF
THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
WARRANT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SUCH ACT
AND ANY APPLICABLE STATE SECURITIES LAW OR AN OPINION OF COUNSEL REASONABLY
SATISFACTORY TO LITHIUM EXPLORATION GROUP, INC. THAT SUCH REGISTRATION IS NOT
REQUIRED. 

LITHIUM EXPLORATION GROUP, INC. 

WARRANT TO PURCHASE SHARES OF COMMON STOCK

                     1.                      Issuance. In
consideration of good and valuable consideration as set forth in the Purchase
Agreement (defined below), including without limitation the Purchase Price (as
defined in the Purchase Agreement), the receipt and sufficiency of which are
hereby acknowledged by LITHIUM EXPLORATION GROUP, INC., a Nevada corporation
(the “Company”); VISTA CAPITAL INVESTMENTS, LLC, its successors and/or
registered assigns (the “Holder”), is hereby granted the right to
purchase at any time on or after the 180-day anniversary of the Issue Date (as
defined below) until the date which is the last calendar day of the month in
which the fifth anniversary of the Issue Date occurs (the “Expiration
Date”), 10,312,500 fully paid and nonassessable shares (the “Warrant
Shares”) of the Company’s common stock, par value $0.001 per share (the
“Common Stock”), as such number of Warrant Shares may be adjusted from
time to time pursuant to the terms and conditions of this Warrant to Purchase
Shares of Common Stock (this “Warrant”). This Warrant is being issued
pursuant to the terms of that certain Securities Purchase Agreement dated
February 28, 2014, to which the Company and the Holder are parties (as the same
may be amended from time to time, the “Purchase Agreement”). 

                     Unless otherwise indicated
herein, capitalized terms not otherwise defined herein shall have the meanings
ascribed to them in the Purchase Agreement. 

                     This Warrant was originally issued to the Holder on February
28, 2014 (the “Issue Date”). 

                     2.                      Exercise of Warrant. 

                                              2.1.                      General. 

                                                                         (a)                      This Warrant is exercisable
in whole or in part at any time and from time to time commencing on the 180-day
anniversary of the Issue Date and ending on the Expiration Date. Such exercise
shall be effectuated by submitting to the Company (either by delivery to the
Company or by email or facsimile transmission) a completed and duly executed
Notice of Exercise substantially in the form attached to this Warrant as
Exhibit A (the “Notice of Exercise”). The date such Notice of
Exercise is either faxed, emailed or delivered to the Company shall be the
“Exercise Date,” provided that, if such exercise represents the full
exercise of the outstanding balance of the Warrant, the Holder shall tender this
Warrant to the Company within five (5) Trading Days thereafter, but only if the
Warrant Shares to be delivered pursuant to the Notice of Exercise have been
delivered to the Holder as of such date. The Notice of Exercise shall be
executed by the Holder and shall indicate (i) the number of Warrant Shares (as
defined below) to be issued pursuant to such exercise, and (ii) if applicable
(as provided below), whether the exercise is a cashless exercise. 

1 

                     For purposes of this Warrant, the
term “Trading Day” means any day during which the principal market on
which the Common Stock is traded (the “Principal Market”) shall be open
for business. 

                                                                         (b)                      To the extent this Warrant is
not previously exercised, and if the Market Price of one Warrant Share is
greater than the Exercise Price, the Holder may elect to receive Warrant Shares,
in lieu of a cash exercise, equal to the value of this Warrant determined in the
manner described below (or of any portion thereof remaining unexercised) by
surrender of this Warrant and a Notice of Exercise, in which event the Company
shall issue to Holder a number of Shares computed using the following formula:

X = Y (A-B) 
      A 

	Where X =	 	the number of Warrant Shares to be issued to
      Holder. 
	Y =	 	the number of Warrant Shares that the Holder
      elects to purchase under this Warrant (at the date of such calculation).    
	A =	 	the Market Price (at the date of such
      calculation). 
	B = 	 	Exercise Price (as adjusted to the date of such
      calculation). 

                     For the purposes of this Warrant, the following terms shall
have the following meanings: 

                     “Affiliate” shall mean an
affiliate as such term is defined in Rule 144 under the Securities Act of 1933,
as amended (or a successor rule). 

                     “Aggregate Exercise Price
Payable” shall mean the product of multiplying the number of Warrant Shares
exercisable by the Exercise Price. 

                     “Closing Price” shall mean the 4:00 P.M. last sale price
of the Common Stock on the Principal Market on the relevant Trading Day(s), as
reported by Bloomberg LP (or if that service is not then reporting the relevant
information regarding the Common Stock, a comparable reporting service of
national reputation selected by the Holder and reasonably acceptable to the
Company) (“Bloomberg”) for the relevant date. 

                     “Deemed Issuance” means a requested conversion under the
Note that is not honored by the Company.

                     “Exercise Price” shall mean $0.06 per share of Common
Stock, subject to adjustments herein. 

                     “Market Price” shall mean
the Closing Price for the Common Stock on the Trading Day that is two Trading
Days prior to the Exercise Date. 

                     “Note” shall mean that
certain Convertible Promissory Note issued by the Company to the Holder pursuant
to the Purchase Agreement, as the same may be amended from time to time, and
including any promissory note(s) that replace or are exchanged for such
referenced promissory note. 

                                                                         (c)                      If the Notice of Exercise
form elects a “cash” exercise (or if the cashless exercise referred to in the
immediately preceding subsection (b) is not available in accordance with the terms hereof), the Exercise Price per share of Common
Stock for the Warrant Shares shall be payable, at the election of the Holder, in
cash or by certified or official bank check or by wire transfer in accordance
with instructions provided by the Company at the request of the Holder.

2 

                                                                         (d)                      Upon the appropriate payment
to the Company, if any, of the Exercise Price for the Warrant Shares, together
with the surrender of this Warrant (if required), the Company shall promptly,
but in no case later than the date that is three (3) Trading Days following the
date the Exercise Price is paid to the Company (or with respect to a “cashless
exercise,” the date that is three (3) Trading Days following the Exercise Date)
(the “Delivery Date”), provided that all DWAC Eligible Conditions (as
defined in the Note) are then satisfied, deliver or cause the Company’s Transfer
Agent to deliver the applicable Warrant Shares electronically via the
Deposit/Withdrawal at Custodian (“DWAC”) system to the account designated
by the Holder on the Notice of Exercise. If all DWAC Eligible Conditions are not
then satisfied, the Company shall instead issue and deliver or cause to be
issued and delivered (via reputable overnight courier) to the address as
specified in the Notice of Exercise, a certificate, registered in the name of
the Holder or its designee, for the number of Warrant Shares to which the Holder
shall be entitled. For the avoidance of doubt, the Company has not met its
obligation to deliver Warrant Shares by the Delivery Date unless the Transfer
Agent has posted the shares for DWAC pickup and the Holder or its broker, as
applicable, has been notified of this availability, or if the DWAC Eligible
Conditions are not then satisfied, has actually received the certificate
representing the applicable Warrant Shares no later than the close of business
on the relevant Delivery Date pursuant to the terms set forth above. 

                                                                         (e)                      If Warrant Shares are
delivered later than as required under subsection (d) immediately above, the
Company agrees to pay, in addition to all other remedies available to the Holder
in the Transaction Documents, a late charge equal to the greater of (i)
$2,000.00 and (ii) 2% of the product of (1) the sum of the number of shares of
Common Stock not issued to the Holder on a timely basis and to which the Holder
is entitled multiplied by (2) the Closing Price of the Common Stock on the
Trading Day immediately preceding the last possible date which the Company could
have issued such shares of Common Stock to the Holder without violating this
Warrant, per Trading Day until such Warrant Shares are delivered. The Company
shall pay any late charges incurred under this subsection in immediately
available funds upon demand; provided, however, that, at the option of
the Holder (without notice to the Company), such amount owed may be added to the
principal amount of the Note. Furthermore, in addition to any other remedies
which may be available to the Holder, in the event that the Company fails for
any reason to effect delivery of the Warrant Shares as required under subsection
(d) immediately above, the Holder may revoke all or part of the relevant Warrant
exercise by delivery of a notice to such effect to the Company, whereupon the
Company and the Holder shall each be restored to their respective positions
immediately prior to the exercise of the relevant portion of this Warrant,
except that the late charge described above shall be payable through the date
notice of revocation or rescission is given to the Company.

                                                                         (f)                      The Holder shall be deemed to
be the holder of the Warrant Shares issuable to it in accordance with the
provisions of this Section 2.1 on the Exercise Date. 

                                              2.2.                      Ownership Limitation.
If at any time after the Closing, the Buyer shall or would receive shares of
Common Stock in payment of interest or principal under Note, upon conversion of
Note, under the Warrant, or upon exercise of the Warrant, so that the Buyer
would, together with other shares of Common Stock held by it or its Affiliates,
own or beneficially own by virtue of such action or receipt of additional shares
of Common Stock a number of shares exceeding 9.99% of the number of shares of
Common Stock outstanding on such date (the “Maximum Percentage”), the
Company shall not be obligated and shall not issue to the Buyer shares of Common
Stock which would exceed the Maximum Percentage, but only until such time as the
Maximum Percentage would no longer be exceeded by any such receipt of shares of Common Stock by
the Buyer. The foregoing limitations are enforceable, unconditional and
non-waivable and shall apply to all Affiliates and assigns of the Buyer.
Additionally, for so long as the Buyer or any of its Affiliate own Securities,
upon written request from the Buyer, the Company shall post (or cause to be
posted), the then-current number of issued and outstanding shares of its capital
stock to the Company’s web page located at OTCmarkets.com (or such other web
page approved by the Buyer).

3 

                     3.                      Mutilation or Loss of
Warrant. Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of
loss, theft or destruction) receipt of reasonably satisfactory indemnification,
and (in the case of mutilation) upon surrender and cancellation of this Warrant,
the Company will execute and deliver to the Holder a new Warrant of like tenor
and date and any such lost, stolen, destroyed or mutilated Warrant shall
thereupon become void. 

                     4.                      Rights of the Holder.
The Holder shall not, by virtue of this Warrant alone, be entitled to any rights
of a stockholder in the Company, either at law or in equity, and the rights of
the Holder with respect to or arising under this Warrant are limited to those
expressed in this Warrant and are not enforceable against the Company except to
the extent set forth herein. 

                     5.                      Certain Adjustments. 

                                              5.1.                      Capital Adjustments.
If the Company shall at any time prior to the expiration of this Warrant
subdivide the Common Stock, by split-up or stock split, or otherwise, or combine
its Common Stock, or issue additional shares of its Common Stock as a dividend,
the number of Warrant Shares issuable upon the exercise of this Warrant shall
forthwith be automatically increased proportionately in the case of a
subdivision, split or stock dividend, or proportionately decreased in the case
of a combination. Appropriate adjustments shall also be made to the Exercise
Price, Market Price (in the event of a cashless exercise), and other applicable
amounts, but the aggregate purchase price payable for the total number of
Warrant Shares purchasable under this Warrant (as adjusted) shall remain the
same. Any adjustment under this Section 5.1 shall become effective automatically
at the close of business on the date the subdivision or combination becomes
effective, or as of the record date of such dividend, or in the event that no
record date is fixed, upon the making of such dividend. 

                                              5.2.                      Reclassification,
Reorganization and Consolidation. In case of any reclassification, capital
reorganization, or change in the capital stock of the Company (other than as a
result of a subdivision, combination, or stock dividend provided for in Section
5.1 above), then the Company shall make appropriate provision so that the Holder
shall have the right at any time prior to the expiration of this Warrant to
purchase, at a total price equal to that payable upon the exercise of this
Warrant, the kind and amount of shares of stock and other securities and
property receivable in connection with such reclassification, reorganization, or
change by a holder of the same number of shares of Common Stock as were
purchasable by the Holder immediately prior to such reclassification,
reorganization, or change. In any such case appropriate provisions shall be made
with respect to the rights and interest of the Holder so that the provisions
hereof shall thereafter be applicable with respect to any shares of stock or
other securities and property deliverable upon exercise hereof, and appropriate
adjustments shall be made to the purchase price per Warrant Share payable
hereunder, provided the aggregate purchase price shall remain the same. 

4 

                                              5.3.                      Dilutive Issuances.
If the Company or any Subsidiary thereof, as applicable, at any time while this
Warrant is outstanding, shall sell or grant any option to purchase, or sell or
grant any right to re-price, or otherwise dispose of or issue (or announce any
offer, sale, grant or any option to purchase or other disposition) any Common
Stock or Common Stock Equivalents entitling any Person to acquire shares of Common Stock, at an effective price
per share less than the then Exercise Price (such lower price, the “Base Share Price” and such
issuances collectively, a “Dilutive Issuance”) (if the holder of the
Common Stock or Common Stock Equivalents so issued shall at any time, whether by
operation of purchase price adjustments, reset provisions, floating conversion,
exercise or exchange prices or otherwise, or due to warrants, options or rights
per share which are issued in connection with such issuance, be entitled to
receive shares of Common Stock at an effective price per share which is less
than the Exercise Price, such issuance shall be deemed to have occurred for less
than the Exercise Price on such date of the Dilutive Issuance), then the
Exercise Price shall be reduced and only reduced to equal the Base Share Price
and the number of Warrant Shares issuable hereunder shall be increased such that
the Aggregate Exercise Price Payable hereunder, after taking into account the
decrease in the Exercise Price, shall be equal to the Aggregate Exercise Price
Prior to such adjustment. Such adjustment shall be made whenever such Common
Stock or Common Stock Equivalents are issued. Notwithstanding the foregoing, no
adjustments shall be made, paid or issued under this Section 5.3 in respect of
an Exempt Issuance. The Company shall notify the Holder in writing, no later
than the Trading Day following the issuance of any Common Stock or Common Stock
Equivalents subject to this Section 5.3, indicating therein the applicable
issuance price, or applicable reset price, exchange price, conversion price and
other pricing terms (such notice the “Dilutive Issuance Notice”). For
purposes of clarification, whether or not the Company provides a Dilutive
Issuance Notice pursuant to this Section 5.3, upon the occurrence of any
Dilutive Issuance, after the date of such Dilutive Issuance the Holder is
entitled to receive a number of Warrant Shares based upon the Base Share Price
regardless of whether the Holder accurately refers to the Base Share Price in
the Notice of Exercise. Notice of Adjustment. Without limiting any
other provision contained herein, when any adjustment is required to be made in
the number or kind of shares purchasable upon exercise of this Warrant, or in
the Exercise Price, pursuant to the terms hereof, the Company shall promptly
notify the Holder of such event and of the number of Warrant Shares or other
securities or property thereafter purchasable upon exercise of this Warrant.

                                              5.4.                      [Reserved]

                     6.                      Certificate as to
Adjustments. In each case of any adjustment or readjustment in the shares of
Common Stock issuable on the exercise of this Warrant, the Company at its
expense will promptly cause its Chief Financial Officer or other appropriate
designee to compute such adjustment or readjustment in accordance with the terms
of this Warrant and prepare a certificate setting forth such adjustment or
readjustment and showing in detail the facts upon which such adjustment or
readjustment is based, including a statement of (a) the consideration received
or receivable by the Company for any additional shares of Common Stock issued or
sold or deemed to have been issued or sold, (b) the number of shares of Common
Stock outstanding or deemed to be outstanding, and (c) the Exercise Price and
the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Company will forthwith
mail a copy of each such certificate to the Holder and any Warrant Agent (as
defined below) appointed pursuant to Section 8 hereof. Nothing in this Section 6
shall be deemed to limit any other provision contained herein. 

                     7.                      Transfer to Comply with the
Securities Act. This Warrant, and the Warrant Shares, have not been
registered under the 1933 Act. This Warrant, the Warrant Shares and any other
security issued or issuable upon exercise of this Warrant may only be sold,
transferred, pledged or hypothecated (other than to an Affiliate) if (a) there
exists an effective registration statement under the 1933 Act relating to such
security or (b) the Company has received an opinion of counsel reasonably
satisfactory to the Company that registration is not required under the 1933
Act. Until such time as registration has occurred under the 1933 Act, each
certificate for this Warrant, the Warrant Shares and any other security issued
or issuable upon exercise of this Warrant shall contain a legend, in form and
substance satisfactory to counsel for the Company, setting forth the
restrictions on transfer contained in this Section 7. Any such transfer shall be
accompanied by a transferor assignment substantially in the form attached to
this Warrant as Exhibit B (the “Transferor Assignment”), executed
by the transferor and the transferee and submitted to the Company. Upon receipt
of the duly executed Transferor Assignment, the Company shall register the
transferee thereon as the new Holder on the books and records of the Company and
such transferee shall be deemed a “registered holder” or “registered assign” for
all purposes hereunder, and shall have all the rights of the Holder.

5 

                     8.                      Warrant Agent. The Company may, by written notice to
the Holder, appoint an agent (a “Warrant Agent”) for the purpose of
issuing shares of Common Stock on the exercise of this Warrant pursuant hereto,
exchanging this Warrant pursuant hereto, and replacing this Warrant pursuant
hereto, or any of the foregoing, and thereafter any such issuance, exchange or
replacement, as the case may be, shall be made at such office by such Warrant
Agent. 

                     9.                      Transfer on the Company’s
Books. Until this Warrant is transferred on the books of the Company, the
Company may treat the Holder as the absolute owner hereof for all purposes,
notwithstanding any notice to the contrary. 

                     10.                      Notices. Any notice
required or permitted hereunder shall be given in the manner provided in the
subsection titled “Notices” in the Purchase Agreement, the terms of which are
incorporated herein by reference. 

                     11.                      Supplements and
Amendments; Whole Agreement. This Warrant may be amended or supplemented
only by an instrument in writing signed by the parties hereto. This Warrant,
together with the Purchase Agreement and all the other Transaction Documents,
taken together, contain the full understanding of the parties hereto with
respect to the subject matter hereof and thereof and there are no
representations, warranties, agreements or understandings with respect to the
subject matter hereof and thereof other than as expressly contained herein and
therein. 

                     12.                      Governing Law. This
Warrant shall be governed by and interpreted in accordance with the laws of the
State of Nevada, without giving effect to the principles thereof regarding the
conflict of laws. The Company and, by accepting this Warrant, the Holder, each
irrevocably (a) consent to and expressly submit to the exclusive personal
jurisdiction of any state or federal court sitting in San Diego County,
California in connection with any dispute or proceeding arising out of or
relating to this Warrant, (b) agree that all claims in respect of any such
dispute or proceeding may only be heard and determined in any such court, (c)
expressly submit to the venue of any such court for the purposes hereof, and (d)
waive any claim of improper venue and any claim or objection that such courts
are an inconvenient forum or any other claim or objection to the bringing of any
such proceeding in such jurisdictions or to any claim that such venue of the
suit, action or proceeding is improper. The Company and, by accepting this
Warrant, the Holder, each hereby irrevocably consent to the service of process
of any of the aforementioned courts in any such proceeding by the mailing of
copies thereof by reputable overnight courier (e.g., FedEx) or certified mail,
postage prepaid, to such party’s address as provided for herein, such service to
become effective ten (10) calendar days after such mailing. THE COMPANY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A
JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH
OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

                     13.                      Remedies. The remedies
at law of the Holder of this Warrant in the event of any default or threatened
default by the Company in the performance of or compliance with any of the terms
of this Warrant are not and will not be adequate and, without limiting any other
remedies available to the Holder in the Transaction Documents, law or equity, to the
fullest extent permitted by law, such terms may be specifically enforced by a
decree for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

6 

                     14.                      Counterparts. This
Warrant may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.
Signature delivered via facsimile or email shall be considered original
signatures for purposes hereof. 

                     15.                      Descriptive Headings.
Descriptive headings of the sections of this Warrant are inserted for
convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof. 

                     16.                      Attorney’s Fees. In
the event of any litigation or dispute arising from this Warrant, the parties
agree that the party who is awarded the most money shall be deemed the
prevailing party for all purposes and shall therefore be entitled to an
additional award of the full amount of the attorneys’ fees and expenses paid by
said prevailing party in connection with the litigation and/or dispute without
reduction or apportionment based upon the individual claims or defenses giving
rise to the fees and expenses. Nothing herein shall restrict or impair a court’s
power to award fees and expenses for frivolous or bad faith pleading. 

                     17.                      Severability. Whenever
possible, each provision of this Warrant shall be interpreted in such a manner
as to be effective and valid under applicable law, but if any provision of this
Warrant shall be invalid or unenforceable in any jurisdiction, such provision
shall be modified to achieve the objective of the parties to the fullest extent
permitted and such invalidity or unenforceability shall not affect the validity
or enforceability of the remainder of this Warrant or the validity or
enforceability of this Warrant in any other jurisdiction.

[Remainder of page intentionally left blank] 

7 

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

Dated: 

	THE COMPANY: 
	  	  
	LITHIUM EXPLORATION GROUP, INC. 
	  	  
	  	  
	By: 	    
	Name: 	Alexander R. Walsh 
	Title: 	Chief Executive Officer

[Signature page to Warrant] 

EXHIBIT A 

NOTICE OF EXERCISE OF WARRANT 

	TO: 	LITHIUM EXPLORATION GROUP, INC. 
	  	ATTN: __________________________
	  	VIA FAX TO: (  )
    __________________________
	  	VIA EMAIL TO: (  )
      __________________________

                     The undersigned hereby irrevocably elects to exercise the
right, represented by the Warrant to Purchase Shares of Common Stock dated as of
February 28, 2014 (the “Warrant”), to purchase shares of the common
stock, $0.001 par value (“Common Stock”), of LITHIUM EXPLORATION GROUP,
INC., and tenders herewith payment in accordance with Section 2 of the Warrant,
as follows: 

	_______	 	CASH: $__________________________= (Exercise Price x
Warrant Shares) 
	 	 	 
	_______ 	 	Payment is being made by: 
	 	 	_______ 	enclosed check 
	 	 	_______ 	wire transfer 
	 	 	_______ 	other 
	 	 	 	  
	_______ 	 	CASHLESS EXERCISE:

Net number of Warrant Shares to be
issued to Holder: ______* 

* X = Y (A-B)

          A 

	Where X =		the number of Warrant Shares to be issued to
      Holder. 
	 	 	 
	Y =		
      the number of Warrant Shares that the Holder elects to
      purchase under this Warrant (at the date of such calculation). 

	 	 	 
	A =  		the Market Price (at the date of such
      calculation). 
	 	 	 
	B =  	 	Exercise Price (as adjusted to the date of such
      calculation). 

                     Capitalized terms used but not
otherwise defined herein shall have the meanings ascribed to them in the
Warrant. 

                     It is the intention of the Holder
to comply with the provisions of Section 2.2 of the Warrant regarding certain
limits on the Holder’s right to exercise thereunder. The Holder believes this
exercise complies with the provisions of such Section 2.2. Nonetheless, to the
extent that, pursuant to the exercise effected hereby, the Holder would have
more shares of Common Stock than permitted under Section 2.2, this notice should
be amended and revised, ab initio, to refer to the exercise which would
result in the issuance of the maximum number of such shares permitted under such
provision. Any exercise above such amount is hereby deemed void and revoked.

                     As contemplated by the Warrant,
this Notice of Exercise is being sent by facsimile or email to the fax number
and officer indicated above. 

                     If this Notice of Exercise
represents the full exercise of the outstanding balance of the Warrant, the
Holder either (1) has previously surrendered the Warrant to the Company or (2)
will surrender (or cause to be surrendered) the Warrant to the Company at the
address indicated above by express courier within five (5) Trading Days after
delivery or email or facsimile transmission of this Notice of Exercise; provided
that the Warrant Shares to be delivered pursuant to this Notice of Exercise have
been delivered to the Holder as of such date. 

                     To the extent the Warrant Shares
are not able to be delivered to the Holder via the DWAC system, please deliver
certificates representing the Warrant Shares to the Holder via reputable
overnight courier after receipt of this Notice of Exercise (by facsimile
transmission or otherwise) to: 

_____________________________________

_____________________________________

_____________________________________

 

	Dated:                                                                                                                                      
      
	 
	 
	[Name of Holder] 
	 
	By:                                                                                                                                            
      

EXHIBIT B 

FORM OF TRANSFEROR ENDORSEMENT

  (To be signed only on transfer
of the Warrant) 

For value received, the undersigned hereby sells, assigns, and
  transfers unto the person(s) named below under the heading “Transferees” the
  right represented by the Warrant to Purchase Shares of Common Stock dated as of
  February 28, 2014 (the “Warrant”) to purchase the percentage and number
  of shares of common stock, $0.001 par value (“Common Stock”), of LITHIUM
  EXPLORATION GROUP, INC. specified under the headings “Percentage Transferred”
  and “Number Transferred,” respectively, opposite the name(s) of such person(s),
  and appoints each such person attorney to transfer the undersigned’s respective
  right on the books of LITHIUM EXPLORATION GROUP, INC. with full power of
  substitution in the premises.

	Transferees 	Percentage Transferred 	Number Transferred 

Dated: ___________, ______

______________________________

[Transferor Name must conform to the name of 
Holder as specified on
the face of the Warrant] 

By:
___________________________
Name: _________________________

	Signed in the presence of: 
	 
	 
	(Name) 
	  
	 
	ACCEPTED AND AGREED: 
	 
	 
	[TRANSFEREE] 
	 
	By:                                                                                                                                
	Name:Lithium Exploration Group, Inc.: Exhibit 10.15 - Filed by newsfilecorp.com

SECURITIES PURCHASE AGREEMENT 

                     This SECURITIES PURCHASE
AGREEMENT (the “Agreement”), dated as of March 3, 2014, by and between
Lithium Exploration Group, Inc., a Nevada corporation, with headquarters
located at 3200 N. Hayden Road, Suite 235, Scottsdale, AZ 85251 (the “Company”),
and UNION CAPITAL, LLC, a New York limited liability company, with its
address at 338 Crown Street, Brooklyn, NY 11225 (the “Buyer”). 

WHEREAS:

                     A.                      The Company and the Buyer are
executing and delivering this Agreement in reliance upon the exemption from
securities registration afforded by the rules and regulations as promulgated by
the United States Securities and Exchange Commission (the “SEC”) under the
Securities Act of 1933, as amended (the “1933 Act”); 

                     B.                      Buyer desires to purchase and
the Company desires to issue and sell, upon the terms and conditions set forth
in this Agreement a 10% convertible note of the Company, in the form attached
hereto as Exhibit A in the aggregate principal amount of $50,000.00 (together
with any note(s) issued in replacement thereof or as a dividend thereon or
otherwise with respect thereto in accordance with the terms thereof, the
“Note”), convertible into shares of common stock, $0.001 par value per share, of
the Company (the “Common Stock”), upon the terms and subject to the limitations
and conditions set forth in such Note.

                     C.                      The Buyer wishes to purchase,
upon the terms and conditions stated in this Agreement, such principal amount of
Note as is set forth immediately below its name on the signature pages hereto;
and 

                     NOW THEREFORE, the Company
and the Buyer severally (and not jointly) hereby agree as follows: 

                                                1.                      Purchase and Sale of Note. 

                                                                         a.                      Purchase of Note. On
the Closing Date (as defined below), the Company shall issue and sell to the
Buyer and the Buyer agrees to purchase from the Company such principal amount of
Note as is set forth immediately below the Buyer’s name on the signature pages
hereto. 

                                                                         b.                      Form of Payment. On the
Closing Date (as defined below), (i) the Buyer shall pay the purchase price for
the Note to be issued and sold to it at the Closing (as defined below) (the
“Purchase Price”) by wire transfer of immediately available funds to the
Company, in accordance with the Company’s written wiring instructions, against
delivery of the Note in the principal amount equal to the Purchase Price as is
set forth immediately below the Buyer’s name on the signature pages hereto, and
(ii) the Company shall deliver such duly executed Note on behalf of the Company,
to the Buyer, against delivery of such Purchase Price.

_____
Company Initials 

                                                                         c.                      Closing Date. The date
and time of the first issuance and sale of the Note pursuant to this Agreement
(the “Closing Date”) shall be on or about March 3, 2014, or such other mutually
agreed upon time. The closing of the transactions contemplated by this Agreement
(the “Closing”) shall occur on the Closing Date at such location as may be
agreed to by the parties.

                                                2.                      Buyer’s Representations and
Warranties. The Buyer represents and warrants to the Company that: 

                                                                         a.                      Investment Purpose. As
of the date hereof, the Buyer is purchasing the Note and the shares of Common
Stock issuable upon conversion of or otherwise pursuant to the Note, such shares
of Common Stock being collectively referred to herein as the “Conversion Shares”
and, collectively with the Note, the “Securities”) for its own account and not
with a present view towards the public sale or distribution thereof, except
pursuant to sales registered or exempted from registration under the 1933 Act;
provided, however, that by making the representations herein, the
Buyer does not agree to hold any of the Securities for any minimum or other
specific term and reserves the right to dispose of the Securities at any time in
accordance with or pursuant to a registration statement or an exemption under
the 1933 Act. 

                                                                         b.                      Accredited Investor
Status. The Buyer is an “accredited investor” as that term is defined in
Rule 501(a) of Regulation D (an “Accredited Investor”). 

                                                                         c.                      Reliance on Exemptions.
The Buyer understands that the Securities are being offered and sold to it in
reliance upon specific exemptions from the registration requirements of United
States federal and state securities laws and that the Company is relying upon
the truth and accuracy of, and the Buyer’s compliance with, the representations,
warranties, agreements, acknowledgments and understandings of the Buyer set
forth herein in order to determine the availability of such exemptions and the
eligibility of the Buyer to acquire the Securities. 

                                                                         d.                      Information. The Buyer
and its advisors, if any, have been, and for so long as the Note remain
outstanding will continue to be, furnished with all materials relating to the
business, finances and operations of the Company and materials relating to the
offer and sale of the Securities which have been requested by the Buyer or its
advisors. The Buyer and its advisors, if any, have been, and for so long as the
Note remain outstanding will continue to be, afforded the opportunity to ask
questions of the Company. Notwithstanding the foregoing, the Company has not
disclosed to the Buyer any material nonpublic information and will not disclose
such information unless such information is disclosed to the public prior to or
promptly following such disclosure to the Buyer. Neither such inquiries nor any
other due diligence investigation conducted by Buyer or any of its advisors or
representatives shall modify, amend or affect Buyer’s right to rely on the
Company’s representations and warranties contained in Section 3 below. The Buyer
understands that its investment in the Securities involves a significant degree
of risk. The Buyer is not aware of any facts that may constitute a breach of any
of the Company's representations and warranties made herein. 

2

                                                                         e.                      Governmental Review.
The Buyer understands that no United States federal or state agency or any other
government or governmental agency has passed upon or made any recommendation or
endorsement of the Securities. 

                                                                         f.                      Transfer or Re-sale.
The Buyer understands that (i) the sale or resale of the Securities has not been
and is not being registered under the 1933 Act or any applicable state
securities laws, and the Securities may not be transferred unless (a) the
Securities are sold pursuant to an effective registration statement under the
1933 Act, (b) the Buyer shall have delivered to the Company, at the cost of the
Buyer, an opinion of counsel that shall be in form, substance and scope
customary for opinions of counsel in comparable transactions to the effect that
the Securities to be sold or transferred may be sold or transferred pursuant to
an exemption from such registration, which opinion shall be accepted by the
Company, (c) the Securities are sold or transferred to an “affiliate” (as
defined in Rule 144 promulgated under the 1933 Act (or a successor rule) (“Rule
144”)) of the Buyer who agrees to sell or otherwise transfer the Securities only
in accordance with this Section 2(f) and who is an Accredited Investor, (d) the
Securities are sold pursuant to Rule 144, or (e) the Securities are sold
pursuant to Regulation S under the 1933 Act (or a successor rule) (“Regulation
S”), and the Buyer shall have delivered to the Company, at the cost of the
Buyer, an opinion of counsel that shall be in form, substance and scope
customary for opinions of counsel in corporate transactions, which opinion shall
be accepted by the Company; (ii) any sale of such Securities made in reliance on
Rule 144 may be made only in accordance with the terms of said Rule and further,
if said Rule is not applicable, any re-sale of such Securities under
circumstances in which the seller (or the person through whom the sale is made)
may be deemed to be an underwriter (as that term is defined in the 1933 Act) may
require compliance with some other exemption under the 1933 Act or the rules and
regulations of the SEC thereunder; and (iii) neither the Company nor any other
person is under any obligation to register such Securities under the 1933 Act or
any state securities laws or to comply with the terms and conditions of any
exemption thereunder (in each case). Notwithstanding the foregoing or anything
else contained herein to the contrary, the Securities may be pledged as
collateral in connection with a bona fide margin account or other
lending arrangement.

                                                                         g.                      Legends. The Buyer
understands that the Note and, until such time as the Conversion Shares have
been registered under the 1933 Act may be sold pursuant to Rule 144 or
Regulation S without any restriction as to the number of securities as of a
particular date that can then be immediately sold, the Conversion Shares may
bear a restrictive legend in substantially the following form (and a
stop-transfer order may be placed against transfer of the certificates for such
Securities): 

  	“NEITHER THE ISSUANCE AND SALE OF
THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH
THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT
OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN
EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF
COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY
ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS
SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE
FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN
ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE
SECURITIES.”

3

                     The legend set forth above shall
be removed and the Company shall issue a certificate without such legend to the
holder of any Security upon which it is stamped, if, unless otherwise required
by applicable state securities laws, (a) such Security is registered for sale
under an effective registration statement filed under the 1933 Act or otherwise
may be sold pursuant to Rule 144 or Regulation S without any restriction as to
the number of securities as of a particular date that can then be immediately
sold, or (b) such holder provides the Company with an opinion of counsel, in
form, substance and scope customary for opinions of counsel in comparable
transactions, to the effect that a public sale or transfer of such Security may
be made without registration under the 1933 Act, which opinion shall be accepted
by the Company so that the sale or transfer is effected. The Buyer agrees to
sell all Securities, including those represented by a certificate(s) from which
the legend has been removed, in compliance with applicable prospectus delivery
requirements, if any. In the event that the Company does not accept the opinion
of counsel provided by the Buyer with respect to the transfer of Securities
pursuant to an exemption from registration, such as Rule 144 or Regulation S,
within 2 business days, it will be considered an Event of Default under the
Note. 

                                                                         h.                      Authorization;
Enforcement. This Agreement has been duly and validly authorized. This
Agreement has been duly executed and delivered on behalf of the Buyer, and this
Agreement constitutes a valid and binding agreement of the Buyer enforceable in
accordance with its terms. 

                                                                         i.                      Residency. The Buyer is
a resident of the jurisdiction set forth immediately below the Buyer’s name on
the signature pages hereto.

                                                3.                      Representations and
Warranties of the Company. The Company represents and warrants to the Buyer
that: 

                                                                         a.                      Organization and
Qualification. The Company and each of its subsidiaries, if any, is a
corporation duly organized, validly existing and in good standing under the laws
of the jurisdiction in which it is incorporated, with full power and authority
(corporate and other) to own, lease, use and operate its properties and to carry
on its business as and where now owned, leased, used, operated and conducted.

4

                                                                         b.                      Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority
to enter into and perform this Agreement, the Note and to consummate the
transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms hereof and thereof, (ii) the
execution and delivery of this Agreement, the Note by the Company and the
consummation by it of the transactions contemplated hereby and thereby
(including without limitation, the issuance of the Note and the issuance and
reservation for issuance of the Conversion Shares issuable upon conversion or
exercise thereof) have been duly authorized by the Company’s Board of Directors
and no further consent or authorization of the Company, its Board of Directors,
or its shareholders is required, (iii) this Agreement has been duly executed and
delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign
this Agreement and the other documents executed in connection herewith and bind
the Company accordingly, and (iv) this Agreement constitutes, and upon execution
and delivery by the Company of the Note, each of such instruments will
constitute, a legal, valid and binding obligation of the Company enforceable
against the Company in accordance with its terms. c. Issuance of Shares.
The Conversion Shares are duly authorized and reserved for issuance and, upon
conversion of the Note in accordance with its respective terms, will be validly
issued, fully paid and non-assessable, and free from all taxes, liens, claims
and encumbrances with respect to the issue thereof and shall not be subject to
preemptive rights or other similar rights of shareholders of the Company and
will not impose personal liability upon the holder thereof. 

                                                                         d.                      Acknowledgment of
Dilution. The Company understands and acknowledges the potentially dilutive
effect to the Common Stock upon the issuance of the Conversion Shares upon
conversion of the Note. The Company further acknowledges that its obligation to
issue Conversion Shares upon conversion of the Note in accordance with this
Agreement, the Note is absolute and unconditional regardless of the dilutive
effect that such issuance may have on the ownership interests of other
shareholders of the Company. 

                                                                         e.                      No Conflicts. The
execution, delivery and performance of this Agreement, the Note by the Company
and the consummation by the Company of the transactions contemplated hereby and
thereby (including, without limitation, the issuance and reservation for
issuance of the Conversion Shares) will not (i) conflict with or result in a
violation of any provision of the Certificate of Incorporation or By-laws, or
(ii) violate or conflict with, or result in a breach of any provision of, or
constitute a default (or an event which with notice or lapse of time or both
could become a default) under, or give to others any rights of termination,
amendment, acceleration or cancellation of, any agreement, indenture, patent,
patent license or instrument to which the Company or any of its subsidiaries is
a party, or (iii) result in a violation of any law, rule, regulation, order,
judgment or decree (including federal and state securities laws and regulations
and regulations of any self-regulatory organizations to which the Company or its
securities are subject) applicable to the Company or any of its subsidiaries or
by which any property or asset of the Company or any of its subsidiaries is
bound or affected (except for such conflicts, defaults, terminations,
amendments, accelerations, cancellations and violations as would not,
individually or in the aggregate, have a material adverse effect). All consents,
authorizations, orders, filings and registrations which the Company is required
to obtain pursuant to the preceding sentence have been obtained or effected on
or prior to the date hereof. The Company is not in violation of the listing
requirements of the Over-the-Counter Quotations Bureau (the “OTCQB”) and does
not reasonably anticipate that the Common Stock will be delisted by the OTCQB in the foreseeable future, nor are the
Company’s securities “chilled” by FINRA. The Company and its subsidiaries are
unaware of any facts or circumstances which might give rise to any of the
foregoing.

5

                                                                         f.                      Absence of Litigation.
Except as disclosed in the Company’s public filings, there is no action, suit,
claim, proceeding, inquiry or investigation before or by any court, public
board, government agency, self-regulatory organization or body pending or, to
the knowledge of the Company or any of its subsidiaries, threatened against or
affecting the Company or any of its subsidiaries, or their officers or directors
in their capacity as such, that could have a material adverse effect. Schedule
3(f) contains a complete list and summary description of any pending or, to the
knowledge of the Company, threatened proceeding against or affecting the Company
or any of its subsidiaries, without regard to whether it would have a material
adverse effect. The Company and its subsidiaries are unaware of any facts or
circumstances which might give rise to any of the foregoing. 

                                                                         g.                      Acknowledgment Regarding
Buyer’ Purchase of Securities. The Company acknowledges and agrees that the
Buyer is acting solely in the capacity of arm’s length purchasers with respect
to this Agreement and the transactions contemplated hereby. The Company further
acknowledges that the Buyer is not acting as a financial advisor or fiduciary of
the Company (or in any similar capacity) with respect to this Agreement and the
transactions contemplated hereby and any statement made by the Buyer or any of
its respective representatives or agents in connection with this Agreement and
the transactions contemplated hereby is not advice or a recommendation and is
merely incidental to the Buyer’ purchase of the Securities. The Company further
represents to the Buyer that the Company’s decision to enter into this Agreement
has been based solely on the independent evaluation of the Company and its
representatives.

                                                                         h.                      No Integrated Offering.
Neither the Company, nor any of its affiliates, nor ay person acting on its or
their behalf, has directly or indirectly made any offers or sales in any
security or solicited any offers to buy any security under circumstances that
would require registration under the 1933 Act of the issuance of the Securities
to the Buyer. The issuance of the Securities to the Buyer will not be integrated
with any other issuance of the Company’s securities (past, current or future)
for purposes of any shareholder approval provisions applicable to the Company or
its securities. 

                                                                         i.                      Title to Property. The
Company and its subsidiaries have good and marketable title in fee simple to all
real property and good and marketable title to all personal property owned by
them which is material to the business of the Company and its subsidiaries, in
each case free and clear of all liens, encumbrances and defects except such as
are described in Schedule 3(i) or such as would not have a material adverse
effect. Any real property and facilities held under lease by the Company and its
subsidiaries are held by them under valid, subsisting and enforceable leases
with such exceptions as would not have a material adverse effect.

                                                                         j.                      Breach of Representations
and Warranties by the Company. If the Company breaches any of the
representations or warranties set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant
to this Agreement, it will be considered an Event of default under the Note.

6

                                                4.                      COVENANTS. 

                                                                         a.                      Expenses. At the
Closing, the Company shall reimburse Buyer for expenses incurred by them in
connection with the negotiation, preparation, execution, delivery and
performance of this Agreement and the other agreements to be executed in
connection herewith (“Documents”), including, without limitation, reasonable
attorneys’ and consultants’ fees and expenses, transfer agent fees, fees for
stock quotation services, fees relating to any amendments or modifications of
the Documents or any consents or waivers of provisions in the Documents, fees
for the preparation of opinions of counsel, escrow fees, and costs of
restructuring the transactions contemplated by the Documents. When possible, the
Company must pay these fees directly, otherwise the Company must make immediate
payment for reimbursement to the Buyer for all fees and expenses immediately
upon written notice by the Buyer or the submission of an invoice by the Buyer.
The Company’s obligation with respect to this transaction is to reimburse Buyer’
expenses shall be $2,500 in legal fees. 

                                                                         b.                      Listing. The Company
shall promptly secure the listing of the Conversion Shares upon each national
securities exchange or automated quotation system, if any, upon which shares of
Common Stock are then listed (subject to official notice of issuance) and, so
long as the Buyer owns any of the Securities, shall maintain, so long as any
other shares of Common Stock shall be so listed, such listing of all Conversion
Shares from time to time issuable upon conversion of the Note. The Company will
obtain and, so long as the Buyer owns any of the Securities, maintain the
listing and trading of its Common Stock on the OTCQB or any equivalent
replacement exchange, the Nasdaq National Market (“Nasdaq”), the Nasdaq SmallCap
Market (“Nasdaq SmallCap”), the New York Stock Exchange (“NYSE”), or the
American Stock Exchange (“AMEX”) and will comply in all respects with the
Company’s reporting, filing and other obligations under the bylaws or rules of
the Financial Industry Regulatory Authority (“FINRA”) and such exchanges, as
applicable. The Company shall promptly provide to the Buyer copies of any
notices it receives from the OTCQB and any other exchanges or quotation systems
on which the Common Stock is then listed regarding the continued eligibility of
the Common Stock for listing on such exchanges and quotation systems. 

                                                                         c.                      Corporate Existence. So
long as the Buyer beneficially owns any Note, the Company shall maintain its
corporate existence and shall not sell all or substantially all of the Company’s
assets, except in the event of a merger or consolidation or sale of all or
substantially all of the Company’s assets, where the surviving or successor
entity in such transaction (i) assumes the Company’s obligations hereunder and
under the agreements and instruments entered into in connection herewith and
(ii) is a publicly traded corporation whose Common Stock is listed for trading
on the OTCQB, Nasdaq, Nasdaq SmallCap, NYSE or AMEX. 

                                                                         d.                      No Integration. The
Company shall not make any offers or sales of any security (other than the
Securities) under circumstances that would require registration of the
Securities being offered or sold hereunder under the 1933 Act or cause the
offering of the Securities to be integrated with any other offering of
securities by the Company for the purpose of any stockholder approval provision
applicable to the Company or its securities.

7

                                                                         e.                      Breach of Covenants. If
the Company breaches any of the covenants set forth in this Section 4, and in
addition to any other remedies available to the Buyer pursuant to this
Agreement, it will be considered an event of default under the Note. 

                                                5.                      Governing Law; Miscellaneous. 

                                                                         a.                      Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York without regard to principles of conflicts of laws. Any action
brought by either party against the other concerning the transactions
contemplated by this Agreement shall be brought only in the state courts of New
York or in the federal courts located in the state and county of New York. The
parties to this Agreement hereby irrevocably waive any objection to jurisdiction
and venue of any action instituted hereunder and shall not assert any defense
based on lack of jurisdiction or venue or based upon forum non
conveniens. The Company and Buyer waive trial by jury. The prevailing party
shall be entitled to recover from the other party its reasonable attorney's fees
and costs. In the event that any provision of this Agreement or any other
agreement delivered in connection herewith is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which
may prove invalid or unenforceable under any law shall not affect the validity
or enforceability of any other provision of any agreement. Each party hereby
irrevocably waives personal service of process and consents to process being
served in any suit, action or proceeding in connection with this Agreement or
any other Transaction Document by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any other manner permitted by law. 

                                                                         b.                      Counterparts; Signatures by
Facsimile. This Agreement may be executed in one or more counterparts, each
of which shall be deemed an original but all of which shall constitute one and
the same agreement and shall become effective when counterparts have been signed
by each party and delivered to the other party. This Agreement, once executed by
a party, may be delivered to the other party hereto by facsimile transmission of
a copy of this Agreement bearing the signature of the party so delivering this
Agreement. 

                                                                         c.                      Headings. The headings
of this Agreement are for convenience of reference only and shall not form part
of, or affect the interpretation of, this Agreement. 

                                                                         d.                      Severability. In the
event that any provision of this Agreement is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any provision hereof which
may prove invalid or unenforceable under any law shall not affect the validity or
enforceability of any other provision hereof.

8

                                                                         e.                      Entire Agreement;
Amendments. This Agreement and the instruments referenced herein contain the
entire understanding of the parties with respect to the matters covered herein
and therein and, except as specifically set forth herein or therein, neither the
Company nor the Buyer makes any representation, warranty, covenant or
undertaking with respect to such matters. No provision of this Agreement may be
waived or amended other than by an instrument in writing signed by the majority
in interest of the Buyer. 

                                                                         f.                      Notices. All notices,
demands, requests, consents, approvals, and other communications required or
permitted hereunder shall be in writing and, unless otherwise specified herein,
shall be (i) personally served, (ii) deposited in the mail, registered or
certified, return receipt requested, postage prepaid, (iii) delivered by
reputable air courier service with charges prepaid, or (iv) transmitted by hand
delivery, telegram, or facsimile, addressed as set forth below or to such other
address as such party shall have specified most recently by written notice. Any
notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery or delivery by facsimile, with
accurate confirmation generated by the transmitting facsimile machine, at the
address or number designated below (if delivered on a business day during normal
business hours where such notice is to be received), or the first business day
following such delivery (if delivered other than on a business day during normal
business hours where such notice is to be received) or (b) on the second
business day following the date of mailing by express courier service, fully
prepaid, addressed to such address, or upon actual receipt of such mailing,
whichever shall first occur. The addresses for such communications shall be:

If to the Company,
to:
      Lithium Exploration Group, Inc.

      3200 N. Hayden Road

      Suite 235 
     
Scottsdale, AZ 85251
      Attn: Alex Walsh, CEO

If to the Buyer:

      UNION CAPITAL, LLC

      338 Crown Street

      Brooklyn, NY 11225

      Attn: Yakov Borenstein 

Each party shall provide notice to the
other party of any change in address. 

                                                                         g.                      Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and
their successors and assigns. Neither the Company nor the Buyer shall assign
this Agreement or any rights or obligations hereunder without the prior written consent of the other. Notwithstanding the foregoing,
the Buyer may assign its rights hereunder to any person that purchases
Securities in a private transaction from the Buyer or to any of its
“affiliates,” as that term is defined under the 1934 Act, without the consent of
the Company.

9

                                                                         h.                      Third Party
Beneficiaries. This Agreement is intended for the benefit of the parties
hereto and their respective permitted successors and assigns, and is not for the
benefit of, nor may any provision hereof be enforced by, any other person. 

                                                                         i.                      Survival. The
representations and warranties of the Company and the agreements and covenants
set forth in this Agreement shall survive the closing hereunder notwithstanding
any due diligence investigation conducted by or on behalf of the Buyer. The
Company agrees to indemnify and hold harmless the Buyer and all their officers,
directors, employees and agents for loss or damage arising as a result of or
related to any breach or alleged breach by the Company of any of its
representations, warranties and covenants set forth in this Agreement or any of
its covenants and obligations under this Agreement, including advancement of
expenses as they are incurred. 

                                                                         j.                      Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such
further acts and things, and shall execute and deliver all such other
agreements, certificates, instruments and documents, as the other party may
reasonably request in order to carry out the intent and accomplish the purposes
of this Agreement and the consummation of the transactions contemplated hereby.

                                                                         k.                      No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by
the parties to express their mutual intent, and no rules of strict construction
will be applied against any party. 

                                                                         l.                      Remedies. The Company
acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Buyer by vitiating the intent and purpose of the
transaction contemplated hereby. Accordingly, the Company acknowledges that the
remedy at law for a breach of its obligations under this Agreement will be
inadequate and agrees, in the event of a breach or threatened breach by the
Company of the provisions of this Agreement, that the Buyer shall be entitled,
in addition to all other available remedies at law or in equity, and in addition
to the penalties assessable herein, to an injunction or injunctions restraining,
preventing or curing any breach of this Agreement and to enforce specifically
the terms and provisions hereof, without the necessity of showing economic loss
and without any bond or other security being required.

10

IN WITNESS WHEREOF, the undersigned Buyer and the Company have
caused this Agreement to be duly executed as of the date first above written.

	Lithium Exploration Group, Inc. 
	  	 
	By:	
		Alex Walsh  
	                   	Chief Executive Officer 
	  	 
	  	 
	UNIONNION CAPITAL,CAPITAL, LLC. 
	  	 
	By: 	
	Name:	Yakovkov BorensteinBorenstein  
	Title:	Manager 

	AGGREGATE SUBSCRIPTION AMOUNT: 	  
	 	 
	Aggregate Principal Amount of Note: 	$50,000.00 
	 	 
	Aggregate Purchase Price: 	  
	 	 
	$50,000.00 less $2,500.00 in legal fees 	  

11

EXHIBIT A 
144 NOTE

12

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