So just a conjecture/speculation that occurred to
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Posted On: 01/25/2018 9:58:24 AM
So just a conjecture/speculation that occurred to me:
I have looked for the exhibits to the arrangement for the 100mil to Dr. Gross on the Edgar system, but didn't find them. I was trying to figure out why he wouldn't have gotten them and sold them on the initial run-up here to 5 cents. We certainly had the volume then to absorb it. So why issue them now? Some timeframe stipulation? The total of the "instruments" was about $3-3.5mil if you want to recoup that out of 100mil shares, you need a share price of 3 to 3.5 cents... so did they wait because they think there will be that kind of a share price again in the near future?
Do they think that will be because of news? or because of the reverse split?
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I have looked for the exhibits to the arrangement for the 100mil to Dr. Gross on the Edgar system, but didn't find them. I was trying to figure out why he wouldn't have gotten them and sold them on the initial run-up here to 5 cents. We certainly had the volume then to absorb it. So why issue them now? Some timeframe stipulation? The total of the "instruments" was about $3-3.5mil if you want to recoup that out of 100mil shares, you need a share price of 3 to 3.5 cents... so did they wait because they think there will be that kind of a share price again in the near future?
Do they think that will be because of news? or because of the reverse split?
Quote:
On October 7, 2014, Mr. William D. Gross, the holder of the MMEX Preferred Shares and certain MMEX notes (the "Instruments" ), entered into an assignment agreement to assign the Instruments to Maple Project Finance, LLC ("MPF" ) and in turn, on October 9, 2014, MPF assigned the Instruments to Maple Structure Holdings, LLC ("MSH" ). On May 15, 2015 MSH notified the Company that it would convert the Instruments into common shares at a conversion rate of US$0.01 per share, or otherwise foreclose on the Instruments. The Company has agreed with MSH to covert the outstanding Instruments of US$3,182,877 and the 3 rd Party debt of US$500,000 under a settlement agreement dated as of May 18, 2015 at the rate of US$0.01 per share. On May 18, 2015 the MMEX Board of Director approved these transactions.
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