mmex mining corporation convertible preffered subscription agreement dated as of march 22, 2011 this convertible preferred subscription agreement ( “ agreement ” ), dated as of march 22, 2011 is by and among mmex mining corporation ( “ mmex “ or “ issuer ” ) ( formerly, management energy, inc ) and william d. gross, ( “ purchaser ” ) whose signatures are shown below. recitals : a. mmex is publicly traded on the otc : bulletin board with 111, 257, 608 shares outstanding. b. mmex has the following assets : 1. net profits interests. certain net profit interest and royalty in the bridger fromberg bear creek coal project near red lodge, montana. 2. carpenter creek, montana : an 80 % interest in the carpenter creek coal prospect ( “ carpenter creek ” ) near round up, montana, which is currently finalizing the purchase and sale agreement for the sale of carpenter creek to corbin robertson jr., the ceo of great northern properties and natural resources partners, a nyse publically listed royalty trust. the purchase price has been established at $ 2, 700, 000. 3. armadillo group holdings corp : an 89. 1 % ownership of armadillo mining corp. ( “ amc ” ), a british virgin islands registered company with assets in colombia. amc has entered into an option agreement, dated january 20, 2011 to acquire 50 % of the colombian metallurgical coal company, c. i. hunza coal ltda. ( “ hunza ” ). hunza owns and operates a mine located in the boyaca province of colombia, which is estimated to contain metallurgical coal resources of 16 million to 90 million tons of high quality metallurgical coal. the hunza mine is permitted and is currently producing and marketing about 1, 000 tons per month. 4. hunza option agreement : the option agreement provides that amc will pay an exclusivity fee of us $ 1. 4 million in stages through march 15, 2011 in order to maintain the option rights. under the option agreement, there are three exclusivity payments. amc has funded the 1st payment of us $ 75, 000 under the option agreement. the second payment of us $ 125, 000 was funded on before january 30, 2011. the 3rd payment of us $ 1, 200, 000 is due on or before march 15, 2011. the 3rd payment of $ 1, 200, 00