MMEX Resources Corp (MMEX)

[EquityMonster83]

Is US$ 344,459,120 the expected valuation?

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: