MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
In our report on Form 8-K filed on March 10, 2017, MMEX Resources
Corporation (the Company or we) reported that it had entered into
an agreement with Maple Resources Corporation (Maple), a related
party, to acquire all of Maples right, title and interest (the
Rights) in plans to build a $450 million, 50,000 barrels per day
capacity crude oil refinery in Pecos County, Texas (the Refinery
Transaction or the Project). We also reported that to the
Refinery Transaction, the Company had issued to Maple a first
tranche of 1,500,000,000 shares of common stock to be issued on
March 4, 2017 and that a second tranche of 5,500,000,000 shares
(subject to adjustment) were to be issued once the Companys
Articles of Incorporation were amended to increase the number of
authorized shares of common stock.
In connection with the amendment to the Companys Articles of
Incorporation, Maple has agreed to waive its right to receive the
second tranche of 5,500,000,000 shares of common stock.
Item 5.03 Amendment of Articles of Incorporation or
Bylaws; Change in Fiscal Year
Our board of directors and the holders of a majority of the
outstanding shares of Companys common stock have approved an
amendment to the Articles of Incorporation to provide for the
increase in authorized shares of common stock from 3,000,000,000
to 5,000,000,000 common shares. In addition, the Articles of
Incorporation have been amended to provide for two classes of
common shares: (i) Class A Shares, having one vote per share, and
(ii) Class B Shares, with 10 votes per share. All of the
outstanding shares of Common Stock will be reclassified as Class
A Shares, except that all of the shares issued to Maple in
connection with the Refinery Transaction will be Class B Shares.
Other than the provisions of the voting rights, the two classes
of shares have equal terms and conditions. Further, in view of
the number of amendments in the Companys history, the Articles of
Incorporation have been amended and restated for all of the
foregoing provisions. A copy of the amended and restated Articles
of Incorporation is filed as Exhibit 3.1 to this report on Form
8-K.
Further, the Bylaws of the Company have been amended and restated
to include all necessary conforming changes for the Companys
capital structure, and other required updating. A copy of the
amended and restated Bylaws is filed as Exhibit 3.2 to this
report on Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| 3.1 | Amended and Restated Articles of Incorporation |
| 3.2 | Amended and Restated Bylaws |
|
|
About MMEX RESOURCES CORPORATION (OTCMKTS:MMEX)
MMEX Resources Corporation, formerly MMEX Mining Corporation, is an oil and gas company. The Company is involved in the evaluation, acquisition and development of oil and gas, refining, power generation, natural gas transmission and processing energy projects in the western United States and Latin America. The Company is involved in the natural resource project development and project financing in North and South America, and the United Kingdom. The Company was engaged in the exploration, extraction and distribution of coal. MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) Recent Trading Information
MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) closed its last trading session up +0.0060 at 0.0340 with shares trading hands.