MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
We previously reported that effective April 19, 2017, we issued and delivered to JSJ Investments, Inc. a 12% convertible note in the principal amount of $145,000. On October 19, 2017, Vista Capital Investments, LLC acquired the note from JSJ Investments, Inc. and we issued a replacement note to Vista Capital Investments, LLC for the note balance of $153,724.54, with an extension of the maturity date to April 19, 2018
Item 3.02 Unregistered Sales of Equity Securities
On October 19, 2017, we issued and delivered to Vista Capital Investments, LLC a 12% convertible note in the original maximum principal amount of $550,000 (consisting of an initial advance of $165,000 on such date and possible future advances). The holder of the note, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 40% discount from the lowest trading price during the 25 days prior to conversion. We may prepay the note at a 45% redemption premium during the first 90 days after issuance. The maturity date for each advance is two years from the date of advance.
Any issuance of the shares upon conversion of the note will be exempt from registration to the exemption provided by Section 4(2) of the Securities Act of 1933.
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.
