Current Report Filing (8-k)
May 25 2017 - 1:26PM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OFTHE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
May 24, 2017
MMEX RESOURCES CORPORATION
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(Exact name of registrant as specified in its charter)
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Nevada
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333-152608
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26-1749145
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(State of
incorporation)
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(Commission File
Number)
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(IRS Employer
Identification Number)
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3616 Far West Blvd., #117-321
Austin, Texas 78731
(Address of principal executive offices)
Registrant's telephone number, including area code:
(855) 880-0400
Check the appropriate box if the Form 8-K filing is intended to simultaneously satisfy the reporting obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act
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Soliciting material pursuant to Rule 14a-12 of the Exchange Act
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Pre-commencement communications pursuant to Rule 14d-2(b) Exchange Act
o
Pre-commencement communications pursuant to Rule 13e-4(c) Exchange Act
Item 3.02 Unregistered Sales of Equity Securities
Effective May 24, 2017, we issued and delivered to GS Capital Partners, LLC a 12% convertible note in the principal amount of $145,000. The note was issued at a discount, resulting in our receipt of $138,000. We can redeem the note at any time prior to 60 days from the issuance date at a redemption price of 118% plus accrued interest. The redemption price thereafter increases to 125%, plus accrued interest, until the 120
th
day from issuance and then to 133%, plus accrued interest, until the 180th day from issuance. The note cannot be prepaid after 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 40% discount from the lowest trading price during the 20 days prior to conversion. Prior to the 180th day after issuance, the conversion price cannot be less than a floor of $.03 per share of common stock. 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).
Any issuance of the shares upon conversion of the note will be exempt from registration pursuant to the exemption provided by Section 4(2) of the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MMEX Resources Corporation
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Date: May 25, 2017
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By:
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/s/ Jack W. Hanks
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Jack W. Hanks
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President and Chief Executive Officer
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