MMEX RESOURCES CORPORATION (OTCMKTS:MMEX) Files An 8-K Unregistered Sales of Equity SecuritiesItem 3.02 Unregistered Sales of Equity Securities
On March 26, 2018, we completed the funding of a 10% convertible note issued to One44 Capital LLC in the principal amount of $120,000. We received $114,000 of net proceeds, after deduction of expenses. We can redeem the note at any time prior to 60 days from the issuance date at a redemption price of 130% plus accrued interest. The redemption price thereafter increases to 140%, 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 no lower than $.03 per share of common stock until the 180th day after issuance and thereafter at a price 40% discount from the lowest trading price during the 20 trading 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 maturity date of March 21, 2019.
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.
