MMEX Resources Corp (MMEX)

[BlueAlien]

MMEX announced today that it plans to build a $450 million, 50,000 barrels per day capacity crude oil refinery in the West Texas Permian Basin.

Is this how they plan to do that?

On March 7, 2017, the holders of more than 50.1% of the outstanding shares of common stock of the Company executed their written consent in lieu of special meeting approving an amendment and restatement of the articles of incorporation to provide for an increase in the authorized shares of common stock from 3,000,000,000 to 10,000,000,000 shares.

The Refinery Transaction provides for the Company to issue the Purchased Shares in two tranches, of which the First Tranche of 1,500,000,000 shares was issued on March 4, 2017. The Second Tranche of 5,500,000,000 shares is to be issued once the Company’s Articles of Incorporation are amended to increase the number of authorized shares of common stock, as more particularly described below. In addition, the Second Tranche amount of shares will be adjusted (up or down) subject to valuation of the Refinery Transaction by a third party outside consultant.



Completion of the Project is subject to the receipt of required governmental permits and completion of required debt and equity financing.

https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=11927135