BRIDGE LOAN AGREEMENT
This Bridge Loan Agreement (this “Agreement”) is between Concord Holding Group, LLC (“Lender”) and Lithium Exploration Group, Inc. (the “Company”), a Nevada corporation.
WHEREAS, Lender desires to provide a bridge loan (the “Bridge Loan”) to the Company to and the Company desires to obtain the Bridge Loan from Lender to fund other business development activities and the Company’s general corporate expenses.
NOW, THEREFORE, the parties enter into this Agreement based upon the terms and conditions set forth herein:
1. Bridge Loan Amount:
The total amount of the Bridge Loan shall be Thirty Thousand Dollars ($30,000.00) .
2. Closing:
The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place simultaneously with the delivery of the Bridge Loan amount via wire transfer of immediately available funds. The funds will be wired as set forth in Exhibit A.
3. Interest Rate:
Interest shall accrue on the aggregate amount of the Bridge Loan from the Closing Date (defined herein) through the expiration of the Term (defined herein) of this Agreement at an annual rate of ten percent (10%).
4. Execution Date:
The parties agree that the closing date for this Agreement shall be on or around December 1, 2017 (the “Date of Execution”).
5. Term:
The term of this Agreement shall be exactly 30 days from the date of execution (the “Term”).
6. Accredited Investor:
Lender is an “accredited investor” as such term is defined under Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended.
7. Confidentiality:
Each party agrees to take prudent steps to ensure that its officers, directors, employees and affiliates keep the terms and conditions of this Agreement confidential and not to disclose the contents of this Agreement to any party other than the respective parties’ legal counsel, financial advisors and/or other parties that are approved in writing by the non-disclosing party or its legal counsel, except for such disclosure as may be required by a government agency, Court of competent jurisdiction, or other adjudicatory authority that is necessary to resolve any legal disputes over the interpretation and/or enforcement of provisions contained herein.
8. General Provisions:
The following general provisions shall be binding on both parties to this Agreement:
(i)
The use of the singular in
this Agreement shall be deemed to include the plural, and vice versa, whenever
the context requires.
(ii)
This agreement shall not be
assigned by either party without the expressed written consent of the other
party.
(iii)
If any provision of this
Agreement or the application thereof to any person or circumstance shall be
invalid or unenforceable to any extent, the remainder of this Agreement and the
application of such provisions to other persons or circumstances shall not be
affected thereby and shall be enforced to the greatest extent permitted by law.
(iv)
The parties agree to execute
such further documents and instruments as each may reasonably request in order
to effectuate the terms and intentions of this Agreement.
(v)
Any notice, requests,
demands or other communications required or desired to be provided pursuant to
this Agreement shall be in writing and shall be either deposited in the United
States mail, registered or certified, and with proper postage prepaid or
overnight courier. Notice given by registered or certified mail shall be deemed
effective five (5) days after deposit in the mail with the appropriate address
indicated below, or any other address provided to the noticing party in writing
by the party to be noticed. Notice given by overnight courier shall be effective
two (2) days after deposit to the courier.
| To Lender: |
| Concord Holding Group LLC |
| 0000 Xxxxxx Xxxxxx, Xxxxx 000 |
| Xxxxxxxx, XX 00000 |
| Attn: Manager |
| To the Company: |
| Lithium Exploration Group, Inc. |
| 0000 Xxxxx Xxxxxxx Xxxxxx, Xxxxx 000 |
| Xxxxxxx, XX 00000 |
| Attn: Xxxx Xxxxx- CEO |
(vi)
This Agreement may be
executed in one or more counterparts, each of which will be deemed to be an
original copy of this Agreement and all of which, when taken together, will be
deemed to constitute one and the same Agreement. For purposes of this Agreement,
a facsimile signature shall be deemed an original signature of the party
transmitting an executed copy of this Agreement by facsimile. This Agreement may
not be amended, nor any obligation waived, except by a writing signed by both
parties.
(vii)
This Agreement shall be
governed by the laws of the State of New York. The parties agree to resolve any
dispute arising out of this Agreement by binding arbitration in accordance with
the rules and procedures of the American Arbitration Association.
The parties further agree that any arbitration award resulting from an
arbitration proceeding that takes place pursuant to this provision may be filed
as a judgment with a Court of competent jurisdiction.
(viii)
This Agreement contains the
entire understanding between the parties with respect to the subject matter of
this Agreement. Each party acknowledges that it has not been induced to enter
this agreement by any representations or assurances, whether written or oral,
and agree that each has not received any promises or inducements other than as
herein set forth. Each party has had sufficient opportunity to have this
Agreement reviewed by legal counsel.
IN WITNESS WHEREOF, the parties have signed this Agreement having an effective date as of December 1, 2017.
CONCORD HOLDING GROUP, LLC
| By: | ||
| Title: |
LITHIUM EXPLORATION GROUP, INC.
