GNCC Capital Inc (GNCP)

[BigBake1]

It is on OTC Markets:

https://www.otcmarkets.com/otcapi/company/financial-report/333820/content

WARNING OF POTENTIAL DEFAULT:-
The financing Agreement entered into by and between PFI and USAL contained a number of loan
covenants. Once of which was if GNCC was to trade at a “No Bid” for a period of no less than 5
(Five) trading days. GNCC has now traded at a “No Bid” for 3 (Three Trading Days). Should this
exceed or equal to the aforesaid 5 (Five) trading days; GNCC is in breach of its Loan Covenants.
PFI has the option to:-
(a) Cancel the Loan Agreement between PFI and USAL; and
(b) PFI will exercise its rights to assume control of 100% of the issued shares of USAL; and
(c) GNCC did not guarantee the amounts advanced by PFI to USAL; rendering GNCC
harmless in the event of any such default.
IN THE EVENT OF A DEFAULT:-
Premier as the 100% shareholder of PFI will assume full control of the entire issued shares of
USAL and will continue to fund USAL; and
GNCC will no longer have any interests nor rights in and to USAL and will no longer have any
interests in the Lithium / Uranium business.
AMSL will accept this change of control of USAL subject to both Premier and PFI honoring the
terms of the Agreement made and entered into by and between AMSL and USAL. Mr. Blom will
remain as the Director charged with overseeing USAL business and exploration planning and
execution.

As usual, written by a 5th grader...lol