MMEX Resources Corporation announced that it has entered into a securities purchase agreement with the purchasers for issuing 1500 Series B Convertible Preferred Stock at an issue price of $1,000 and series D warrants to purchase up to an aggregate of 15,000,000 shares for gross proceeds of $1,500,000 on December 22, 2021. The company will convert the preferred Stock into an aggregate of 15,000,000 shares of common stock at an initial conversion price of $0.10 per share and are subject to full ratchet anti-dilution protection and other customary adjustments for stock splits and similar transactions. The Series D warrants have an exercise price of $0.10 per share, will be immediately exercisable upon issuance, will expire on the fifth anniversary from the issuance date and are subject to full-ratchet anti-dilution protection and other customary adjustments for stock splits and similar transactions.

The closing of the transaction is expected to occur on or about December 28, 2021, subject to satisfaction of customary closing conditions. The minimum investment accepted from outsiders is $1,500,000.