GNCC Capital, Inc. (OTCPK : GNCP) acquired BioCann Pharma S.A.S. for approximately $120 million.
February 20, 2019
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GNCC Capital, Inc. (OTCPK : GNCP) acquired BioCann Pharma S.A.S. for approximately $120 million on February 19, 2019. As part of the consideration, GNCC Capital, Inc. has issued 15 million GNCC Capital, Inc. non-voting shares of Series M Convertible Preferred Stock at $1 per share and a total amount of 3.5 billion RESTRICTED GNCC Capital, Inc. shares of common stock at $0.0003 per share. The consideration being issued is dependent upon BioCann achieving net revenues of not less than $12 million in the period commencing on April 1, 2019 to the period March 31, 2020. The purchase price shall be paid within 5 business days from the effective date being February 19, 2019. R Y Lowenthal and N E Blom to remain as directors until the close of the transition period, being March 31, 2019. BioCann will appoint one director to GNCC Board shortly and to nominate directors to replace R Y Lowenthal and N E Blom on March 31, 2019. Agreement strictly prohibits any reverse split of the GNCC shares of Common Stock for a period of not less than 18 months. The transaction is subject to approval by acquirer board and approval by the shareholders. The transaction was approved by shareholders voting in excess of 51% of the outstanding shares of voting Common Stock. As of February 19, 2019, the acquirer board also approved the transaction.
GNCC Capital, Inc. (OTCPK : GNCP) acquired BioCann Pharma S.A.S. on February 19, 2019.
GNCC Capital, Inc. is an exploration stage company. The Company is engaged in the mining and exploration of gold and silver properties. The Company's mining exploration properties include Pearl Spring, McCracken, Yarber Wash and White Hills. Its Pearl Spring property is located in Esmeralda County, Nevada, approximately 20 miles from Tonopah. The mining claims are located northeast of the Silver Peak Mining District and south / southeast of the Lone Mountain / Weepah Mining District. The McCracken project is located in Mohave County, Arizona, approximately 60 miles south of Kingman. The Yarber Wash silver property is located in the Yarber Wash Mining District, Yavapai County, Arizona. The White Hills Property is located south of the town of White Hills in Mohave County, Arizona. The Company's subsidiaries include White Hills Gold Exploration, Inc., CBD Retail Collection (Holdings), Inc., Cannabis Technology Solutions (Delivery Swift), Inc., Walker Lane Exploration, Inc. and others.