MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities
On November 5, 2019, we issued and delivered to Maple Resources Corporation (“Maple”) a 5% convertible promissory note in the principal amount of $250,000 and a similar $5,000 note to BNL Family Trust (“BNL”). Maple and BNL are affiliates of Jack Hanks (CEO and director) and Bruce Lemons (director), respectively. Maple immediately converted the unpaid principal balance of, and accrued interest on, the newly issued note into 4,961,363,636 shares of the Company’s Class A common stock, after giving effect to the assignment of a portion of the shares to an unaffiliated co-lender. BNL immediately converted the unpaid principal balance of, and accrued interest on, the newly issued BNL note into 363,636,364 shares. An unrelated party converted similar notes in the amount of $35,000 into 636,363,636 shares. The conversion price per share is equal to $.000055 (or 110% of the lowest price at which shares of the common stock have been issued by the Company during the twenty trading days prior to the date of conversion). On such date, we issued (i) an additional 114,423,137shares to Maple and an affiliated party at a price based upon the average previous month closing prices , upon conversion by Maple of accrued consulting fees and previously reported convertible notes owed by us to Maple; (ii) an additional 54,373,838shares to other consultants at the same price upon conversion by them of accrued consulting fees owed by us.
The issuances described in this Item 3.02 are exempt from registration to the exemption provided by Section 4(2) of the Securities Act of 1933.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On November 4, 2019, we received confirmation from the Secretary of State of Nevada that an amendment to our Amended and Restated Articles of Incorporation to increase the authorized number of shares of common stock from 12 billion to 25 billion shares was accepted for filing, effective October 30, 2019. Our board of directors approved this action in August 2019, and thereafter mailed to the shareholders of record as of August 12, 2019 an information statement describing the proposed amendment. to the information statement, the holders of a majority of the outstanding voting power of the shareholders of MMEX adopted such amendment by a written consent to action taken without a meeting dated September 9, 2019.
Item 9.01 Financial Statements and Exhibits
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.