MMEX Resources Corporation (OTCPK:MMEX) announced a private placement for 12% convertible note for gross proceeds of $120,000 on January 14, 2019. The transaction included participation from existing investor One44 Capital LLC. The investor may convert the unpaid principal balance of and accrued interest on the note into shares of common stock at a 40% discount from the lowest trading price during the 20 days prior to conversion. The company may prepay the note at a 30% redemption premium during the first 60 days after issuance and 40% premium thereafter until 180 days from issuance, after which the note may not be prepaid. The notes will mature on January 11, 2020. The company paid expenses of $6,000 and received net proceeds of $114,000 in the transaction. The company issued securities pursuant to exemption provided under Section 4(2) of the Securities Act of 1933.