GNCC Capital Inc (GNCP)

[varmit]

ZAK??????FEAR THIS Joint Venture with GNCC Capital.

On March 15, 2022, the Company entered into an Earn-In Agreement with USA Lithium Holdings Corporation (“LH”), a subsidiary of GNCC Capital, Inc., under which LH must make total payments of $75,000 to obtain a 10% undivided interest in 27 unpatented placer mining claims and 24 unpatented lode mining claims comprised of approximately 1,020 acres near Tonopah, Nevada, commonly known as the Silverpeak Lithium Project. The $75,000 is payable $30,000 within 18 days after signing and $45,000 within 45 days after signing. LH has the option to increase its ownership interest by an additional 50% by a total payment of $1,300,000 for exploration and development costs over a three-year period. This transaction has not yet been recognized for financial reporting purposes as its second payment was past due at June 30, 2022.

NOTE 7 – SUBSEQUENT EVENTS
Management has reviewed events through August 17, 2022 and is of the view that there are no material subsequent events.