Excellent post jmjjw!
MMEX started when Hanks did a related party transaction with another Hanks controlled company. MMEX acquired the assets of Maple Resources.
From the 8-K:
"Pursuant to the Refinery Transaction, the Company agreed to acquire the Rights in exchange for the issuance of 7,000,000,000 new common shares (the “Purchased Shares”)."
It was later changed to a smaller number of shares but that is of little concern to Hanks as dumping 7 Billion shares would be difficult.
The absolute best part of the MMEX share selling scheme was the valuation of the Maple Resources assets:
From the financials.
"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 everyone is still waiting for the Doty-Scott valuation.
Keep up the great DD!
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