William Gross purchases securities at $1.00 per convertible preferred
By Devika Patel
Knoxville, Tenn., March 28 - MMEX Mining Corp. completed a private placement of its series A convertible preferred stock on March 22, according to an 8-K filed Monday with the Securities and Exchange Commission. The $1 million deal was completed with investor William D. Gross.
The company sold 1 million 10% preferreds with a liquidation value of $1.00 apiece. The preferreds may be redeemed beginning March 1, 2016, and they convert into common shares at an initial conversion price of $0.04 per share. The conversion price reflects a 20% discount to the closing share price of $0.05 on March 21.
The preferreds have an automatic conversion feature, which goes into effect after March 17.
MMEX, based in Dallas, is a natural resource explorer.
| Issuer: | MMEX Mining Corp.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $1 million
|
| Shares: | 1 million
|
| Price: | $1.00
|
| Dividends: | 10%
|
| Conversion price: | $0.04
|
| Call: | Beginning March 1, 2016
|
| Warrants: | No
|
| Investor: | William D. Gross
|
| Settlement date: | March 22
|
| Stock symbol: | OTCBB: MMEX
|
| Stock price: | $0.06 at close March 22
|
| Market capitalization: | $4.83 million
|
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