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Replies to post #222476 on GNCC Capital Inc (GNCP)
Zorch305
07/02/24 8:57 AM
#222477 RE: goldslacker2023 #222476
againstallodds
07/02/24 11:33 AM
#222480 RE: goldslacker2023 #222476
Eli's Gone
07/02/24 12:48 PM
#222481 RE: goldslacker2023 #222476
Joint Venture with Premier Development & Investment, Inc. On March 15, 2022, the Company entered into an Earn-In Agreement with USA Lithium Holdings Corporation (“LH”), a subsidiary of Premier Development & Investment, Inc. (“PDIV”), under which LH must make total payments of $75,000 to obtain a 10% undivided interest in 35 unpatented placer mining claims and 24 unpatented lode mining claims comprised of approximately 1,165 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 $50,000 of the upfront payments had not yet been made. The Agreement was amended on June 28, 2023 to reflect the change in control of LH and to lengthen the earn-in period by approximately 15 months. This was necessary as the former president of LH became seriously ill shortly after the agreement was signed and ultimately passed away during the quarter ended June 30, 2023. The new president of LH has indicated that the company desires to continue with the Silverpeak Project. During the year ended September 30, 2023, the Company received $13,455 in reimbursement of land expenses from PDIV in connection with the Silverpeak Lithium Project.