SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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 15, 2017
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MMEX RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
Nevada |
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333-152608 |
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26-1749145 |
(State of incorporation) |
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(Commission File Number) |
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(IRS Employer Identification Number) |
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:
o Written communications pursuant to Rule 425 under the Securities Act
o Soliciting material pursuant to Rule 14a-12 of the Exchange Act
o 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 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 pursuant to the exemption provided by Section 4(2) of the Securities Act of 1933.
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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.
MMEX Resources Corporation |
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Date: May 19, 2017 | By: | /s/ Jack W. Hanks | |
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Jack W. Hanks | |
President and Chief Executive Officer | |||
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