GNCC Capital, Inc. (OTCBB:GNCP) (“The Company”) updates on its
reorganization as set out in a press release dated June 11,
2014.
The Company is being reorganized as a Holding Company with its
wholly owned subsidiaries being initially engaged in Mining
Exploration as well as in two other unrelated Industry Sectors.
This reorganization process will be completed by close of business
on June 19, 2014.
In order to complete upon the series of acquisitions unrelated
to Mining Exploration, the Company was required to reorganize.
The first in an expected series of acquisitions to be announced
in the week commencing Monday June 23, 2014.
ISSUANCE OF SHARES OF SERIES B PREFERRED STOCK
On June 17, 2014, the Company issued an initial amount of
3,769,649 shares of Series B Preferred Stock at a price of $1.00
each. A number of the existing outstanding Convertible Loan Notes
as well as Loans to the Company were cancelled and replaced with
the shares of Series B Preferred Stock. This resulted in an
immediate initial reduction of $3,769,649 of the Company’s short
and long term debt.
The company, in its current fiscal year, commencing October 1,
2013, to date, has eliminated a total amount of $11,125,385 in
short and long term debt, primarily through the issuance of shares
of Series A Preferred Stock and shares of Series B Preferred Stock
and to a lesser extent, the issuance of shares of its Common
Stock.
Full details were filed by the Company on the OTC Markets
Disclosure Service.
ACQUISITION OF FURTHER MINING EXPLORATION PROPERTIES
The Company confirms that its acquisition of the “Alamo, North
Rawhide and McCracken” Mining Exploration Properties will be
completed on June 19, 2014. The Company will be acquiring these
properties through a wholly owned subsidiary company of the
Company, Walker Lane Exploration, Inc. The full acquisition price
of these properties will be through the issuance of recently
authorized shares of Series C Preferred Stock.
The Company is significantly increasing the size and scope of
its Mining Exploration Properties through these acquisitions.
ASSIGNMENT OF “WHITE HILLS” EXPLORATION PROPERTIES TO WHITE
HILLS EXPLORATION, INC.
The company will complete on June 19, 2014, the assignment of
its entire rights, title and interest in its “White Hills”
Exploration Properties to White Hills Exploration, Inc., a wholly
owned subsidiary of the Company.
ASSIGNMENT OF “ESTER BASIN, KIT CARSON, BURNT WELL, CLARA,
SILVERFIELDS AND POTTS MOUNTAIN” EXPLORATION PROPERTIES TO MOHAVE
CONSOLIDATED EXPLORATION, INC.
The Company will complete on June 19, 2014, the assignment of
its entire rights, title and interest in its “Ester Basin, Kit
Carson, Burnt Well, Clara, Silverfields and Potts Mountain”
Exploration Properties to Mohave Consolidated Exploration, Inc., a
wholly owned subsidiary of the Company.
THE FILING OF THE SECOND QUARTERLY REPORT
Upon the completion of these material transactions on June 19,
2014, the Company will be in a position to complete and file its
Second Quarterly Report. This will clearly reflect the post
reporting period transactions and their effect upon the company’s
financial statements.
The Company will continue to publish various updated reports on
these transactions on the OTC Markets, stockholders are advised to
review these various reports as they are filed. Stockholders will
also be updated accordingly as this process continues.
About GNCC Capital, Inc.:
GNCC Capital, Inc. is primarily a Gold Exploration Company, with
a secondary focus on Silver Exploration. The initial exploration
properties are located in Arizona and consist of “White Hills,
Esther Basin, Burnt Well, Clara, Kit Carson, Silverfields and Potts
Mountain". The Company intends to create significant value for its
initial portfolio of properties through continued exploration,
joint ventures, and through the acquisition of additional Gold and
Silver Exploration assets. GNCC Capital, Inc. is a Current
Information Filer on the OTC Markets.
Forward-Looking Statements:-
This press release may contain forward-looking statements. The
words "believe," "expect," "should," "intend," "estimate,"
"projects," variations of such words and similar expressions
identify forward-looking statements, but their absence does not
mean that a statement is not a forward-looking statement. These
forward-looking statements are based upon the Company's current
expectations and are subject to a number of risks, uncertainties
and assumptions. The Company undertakes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise. Among the important factors that could
cause actual results to differ significantly from those expressed
or implied by such forward-looking statements are risks that are
detailed in the Company's filings, which are on file with the OTC
Markets Group.
GNCC CAPITAL, INC.N.E. “Ted” Blom, 702-951-9793President
& CEOcorporate@gncc-capital.comorInvestor
Relations:investor@gncc-capital.comWeb Site:
www.gncc-capital.comTwitter: https://twitter.com/GNCCCapital[We
would be very appreciative if all investor questions be directed to
this E mail address and not to our telephone voicemail until such
time as we have appointed a dedicated Investors Relations Firm whom
will deal with all telephonic enquiries]
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