What's Going On With GNCC Capital?
GNCC Capital (GNCP) today confirmed that it's currently negotiating two options to acquire a total of 48 Lithium lode claims. Shares of the company were trading lower -28.57% to $0.0005 a share on Friday.
What Does This Mean For GNCC Capital?
These two deals are subject to financing being secure. If they do not secure financing, the company might be able to enter into these Options in the event the Optioners choose to amend their payment terms. The total cost for both transactions is $2,500,000 in staggered payments over a period of time, including additional ongoing costs. These Options are only available for cash and the Optioners are not prepared to consider any equity in settlement.
Premier Development & Investment, Inc, the Company's largest shareholder, should have sufficient cash on hand to fund these transactions, which will be debated by their controlling shareholders and, if interested, will present their terms within days. Moreover, any transaction offered by Premier would involve the Company having to provide Premier with significant incentives, according to GNCC's press release.
GNCC Capital, Inc. through its subsidiary, BioCann Pharma S.A.S., produces and sells cannabis CBD pharmaceutical grade oils.
