Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Seeing as I messaged him on Facebook and got the q an hour later, I messaged him again on Facebook asking when an update regarding the app can be expected. Maybe we see this news tomorrow now.
On March 7, MMEX announced plans to build a crude oil refinery in the Permian Basin near Fort Stockton, Texas, subject to the receipt of required governmental permits and completion of required debt and equity financing. The state-of-the-art refinery project, with plans to export crude oil, fuels and petroleum products to western Mexico and South America, would generate approximately 400 local jobs during peak construction and approximately 100 permanent jobs upon becoming fully operational.
“We are humbled that MMEX Resources has chosen KPE to assist them in constructing a state-of-the-art crude processing and transport facility for the Permian Basin,” said Brandon T. Steele, Chairman and CEO of KP Engineering. “KP Engineering employs some of the finest professionals in the industry and we are excited to be working alongside MMEX Resources Corp. as their EPC firm on this important project and look forward to commencing work immediately.”
From the March 4th 8K. See the red highlighted section. Someone with experience reading these, what does this mean?
"Project Intellectual Property Rights at a nominal valuation of US$ 344,459,120"
Is this the expected valuation?
STOCK PURCHASE AGREEMENT
THIS STOCK PURCHASE AGREEMENT (the “Agreement”) is made as of March 4, 2017 (the “Effective Date”) by and between MMEX RESOURCES CORPORATION, a Nevada corporation (the “Company”), and MAPLE RESOURCES CORPORATION or its assigns, a Delaware corporation (the “Purchaser”) (collectively the “Parties”).
PREMISES
WHEREAS, the Company is a publicly listed company on the OTC:PK with 3 Billion authorized common shares at par value of $0.001 and 10,000,000 preferred shares. The Company as of this date has 906,923,522 issued and outstanding common shares, no preferred shares issued and the Company has 129 record shareholders; and
WHEREAS, Purchaser is developing a 50,000 barrel per day feedrate capacity crude oil refinery project in Pecos County, Texas (the “Project”); and
WHEREAS, Purchaser has developed intellectual property rights related to the Project which include, inter alia, a business plan, cash flow models, a Purchase and Sale Agreement executed for the site location, potential refinery feed stock supplies, water resources, consulting services, refinery technology, potential railroad transportation agreements, management team and other Project development rights and due diligence (the “ Project Intellectual Property Rights”) which the Company identifies as good and valuable consideration in exchange for the assignment of Company shares; and
WHEREAS, Purchaser wishes to contribute the Project Intellectual Property Rights to the Company in exchange for the Company common shares; and
WHEREAS, on the terms and conditions set forth herein, the Company desires to issue and assign to Purchaser a total of 7,000,000,000 shares in two tranches (the “Purchased Shares” or the “Shares”) to acquire the Project Intellectual Property Rights at a nominal valuation of US$ 344,459,120 constituting a share ownership interest in the Company to be determined by a valuation and fairness opinion issued by a third party independent consultant retained by the Company (the “Assignment Valuation”); and
WHEREAS, the Parties desire to adjust the Purchased Shares amount subject to the Assignment Valuation; and
WHEREAS, the Parties desire that the Purchased Shares will have super voting rights; and
WHEREAS, the Company desires to amend its Articles of Incorporation to authorize the issuance of the amount of shares to complete the transactions contemplated hereby;
NOW THEREFORE , in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties to this Agreement hereby agree as follows:
News 
Market Data 
Discover 
AI
