MMEX Resources Corp (MMEX)

[crowin]

News out..................Another MMEX Toxic convertible note

On May 7, 2018, we closed a financing with Power Up Lending Group Ltd. for a 12% convertible note in the principal amount of $78,000. After deducting $3,000 of lender expenses, the financing provided $75,000 of net proceeds to us. The holder of the note, at its option, may convert the unpaid principal balance of, and accrued interest on, the note into shares of common stock at a 39% discount from the average of the two lowest trading price during the 20 days prior to conversion. The Company may prepay the note at a 20% redemption premium during the first 30 days after issuance, increasing in 5% increments each 30 day period thereafter until 180 days from issuance, after which the note may not be prepaid. The note also contains penalty provisions in the event of our default in repayment of the note (if not converted by the holder into shares of common stock) on the maturity date of February 15, 2019.

http://archive.fast-edgar.com//20180509/AEZ2N22CZ22FG2S2222D2MZ2R7ABFZ27Q2A2/