Each one in plain English, with the numbers worked through for a shareholder.
18 Oct 2018capital raising announcement▼ BadMajor
On October 12, 2018 Mexus closed a $200,000 convertible note with an accredited investor: 6% interest, matures in 12 months, convertible into common stock at $0.006666667 per share. The company must reserve at least 30,000,000 shares for conversion, so conversion would add new shares (dilution). The attached press release is the April 2018 MarMar termination release, not a release about this financing.
Mexus's subsidiary terminated the Santa Elena joint venture with MarMar Holdings, saying MarMar failed to provide agreed funding, equipment and operations and could not meet environmental standards; only 8.5 oz of gold was produced in 22 months. Mexus says it expects no early termination penalties and plans to run Santa Elena itself (500 tons a day, an open pit on the Julio vein), promises a non-dilutive capital raise plan, and says set-up at the 8 Brothers project should be done by June 1, 2018.
Effective January 13, 2017, Mexus's Mexican subsidiary agreed to buy a 50% interest in the San Felix mining site (seven concessions, about 26,000 acres, near Caborca) from three individuals; the other 50% is owned by Mar Mar Holdings and Marco Antonio Martinez Mora. The total price is US$2,000,000 with Mexus responsible for 50%, payable in installments from US$150,000 by January 30, 2017 to US$300,000 by May 13, 2019. This is a purchase of San Felix, a site name that appeared earlier in the context as a sale to First Pursuit, and the filing does not say how the two relate.