MMEX Resources Corp (MMEX)

[towerclimber92]

WOW. . .

A refinery in Louisiana. An Austin-based company is planning to bring a new refinery to West Texas, but it’s unclear who will pay for it. Photo: Jerry Lara /San Antonio Express-News / © 2016 San Antonio Express-News Photo: Jerry Lara /San Antonio Express-News A refinery in Louisiana. An Austin-based company is planning to bring a new refinery to West Texas, but it’s unclear who will pay for it.
An Austin-based company that announced plans Tuesday to raise $450 million to build a new refinery in West Texas warned investors that it had a total of $3,335 of cash on hand and that its finances were shaky, according to its most recent public disclosures last year.

MMEX Resources Corp. announced Tuesday its intention to build a 50,000-barrel-a-day refinery in Pecos County near West Texas’ Permian Basin Shale play.

The company has racked up $30 million in cumulative losses as of June 30, 2016, according to its most recent filing with the Securities and Exchange Commission.

Its ability to continue as “an ongoing concern” was entirely dependent on its ability to raise capital from other investors, the company said at the time.

“We do not currently have the cash resources to meet our operating commitments for the next twelve months,” the company said.
President and CEO Jack W. Hanks said in an interview that MMEX Resource Corp. was a shell company and that most of his business has been done through his privately-held Maple Energy, which used to operate as Maple Resources Corp. and has done business in Peru.

http://www.expressnews.com/business/eagle-ford-energy/article/Austin-company-tries-to-raise-450-M-to-build-new-10986970.php