We have issued a cumulative aggregate of 489,000,000 common shares pursuant to the Settlement Agreement and, as of March 9, 2017
489,000,000 shares for $108,566.99 worth of debt comes out to and averaged price of $.0002/share
So it looks like MMEX paid off that debt. Unless Rockwell Capital Partners Inc (Samuel Oshana) works out another deal with MMEX to acquire more liabilities in exchange for discounted free trading stock then that's all the Rockwell dilution for now.
If Samuel Oshana was/is able to dump those 489,000,000 shares at an average price of $.0025/share he makes out with around $1,000,000 in profits off that $108,566.99 in debt.
It is easy to see why all the pumping for the stock.
As far as the Refinery deal goes. If anybody believes that somebody is going to give MMEX $450,000,000 to build a refinery then they need to have their head examined. As MMEX very clearly stated in the 8K today they are company with a history of losses. They have an accumulated deficit of approximately $30 million and they continue to add to that deficit each quarter because of the fact that MMEX has never made any revenues in its history.
As of the last 10Q filed on February 24, 2017, MMEX only owned $62 worth of equipment and property and only had $3,335 in cash.
MMEX also has over $2,500,000 in other liabilities on its balance sheet that Rockwell Capital Partners didn't acquire.
The 8K today only mentions that they bought the right/title/interest for the plans to build the refinery from another entity controlled by the MMEX CEO called Maple Resources Corporation.
It doesn't say they actually own any property. Even if they do have the title to the land. Seriously, who is going to give a penny stock with MMEX's history $450m?
It is pretty easy to see what is going to happen with MMEX. No refinery will ever break ground. MMEX will just see lots of future dilution and eventually end up a $.0001/share ticker. The way they have struggled to keep their SEC filings current there is a pretty good chance MMEX won't even get to go through a reverse split to continue to dilute in the future.
It sure was a heck of a pump & dump though. Props to MMEX CEO Jack W. Hanks and Samuel Oshana for running a good pump & dump.
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