MMEX Resources Corp Enters New Note Replacing Past‑Due Convertible Debt

What Happened MMEX Resources Corp (MMEX) announced that effective September 15, 2026 it entered into an agreement with GS Capital Partners, LLC to exchange its outstanding past‑due convertible notes (aggregate balance $1,639,329.68) for a new non‑convertible note with an original principal of $1,377,164.84. The new note matures on the earlier of September 1, 2027 or the closing of a construction debt financing or project equity financing for either of the company’s project subsidiaries. Instead of periodic interest, the note requires a one‑time make‑whole payment of $247,889.67 (18% of the principal).

Key Details

• Past‑due convertible notes aggregated: $1,639,329.68 (exchanged).
• New non‑convertible note principal: $1,377,164.84 (effective Sept 15, 2026).
• Make‑whole payment (in lieu of interest): $247,889.67 (18% of principal).
• Conversion feature removed; the company instructed its transfer agent to cancel the reserve of ~15 billion common shares that had been held to secure potential conversions by GS Capital.

Why It Matters This transaction creates a new direct financial obligation for MMEX (reported under Item 2.03) while removing the lender’s ability to convert the debt into equity. For investors, that means reduced risk of potential share dilution tied to those notes and a clarified capital structure, but also a defined near‑term repayment obligation (maturity by Sept 1, 2027 or upon certain financings). The make‑whole payment increases the lender’s total recovery versus principal alone and replaces the prior convertible debt terms disclosed previously.