MMEX Resources Corporation (OTCPK:MMEX) announced a private placement of a 10% convertible note for ross proceeds of $78,000 on June 25, 2021. The transaction included participation from returning investor, GS Capital Partners LLC. The note is of the principal amount of $82,500, issued with an original issue discount of $3,500. During the first 180 days, the note is in effect, the holder may convert the outstanding principal amount into shares of its common stock at a price of $0.015 per share. Thereafter, the note may be converted at a price equal to 66% of the average of the two lowest trading prices of the common stock for the 15 prior trading days. The note may be prepaid, together with a prepayment premium only if the company's separate indebtedness to investor is otherwise being retired.