MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities
Effective May 15, 2017, we issued and delivered to Eagle
Equities, LLC an 8% convertible note in the principal amount of
$115,000. The note was issued at a discount, resulting in our
receipt of $105,000. We can redeem the note at any time prior to
90 days from the issuance date at a redemption price of 125% plus
accrued interest. The redemption price thereafter increases to
135%, plus accrued interest, until the 120th day from issuance,
and thereafter increases to a redemption price of 150% plus
accrued interest until the 180th day after issuance. The holder
of the note, at its option, may convert the unpaid principal
balance of, and accrued interest on, the note into shares of our
common stock at a price of $.03 per share of common stock until
the 180th day after issuance and thereafter at a price 40%
discount from the average of the three lowest trading prices
during the 25 days prior to conversion. The note also contains
penalty provisions in the event of our default in repayment of
the note (if not converted by the holder into shares of common
stock) on the first anniversary after issuance.
Effective May 16, 2017, we issued and delivered to Crown Bridge
Partners, LLC an identical note in the principal amount of
$60,000, with an original issue discount of $6,000 (resulting in
our receipt of $54,000).
Any issuance of the shares upon conversion of the notes 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. MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) Recent Trading Information
MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) closed its last trading session up +0.0024 at 0.0119 with shares trading hands.