GMCI CORP. (OTCMKTS:GMCI) Files An 8-K Other EventsItem 8.01 – Other Information
In March 2017, GMCI Corp. (the "Company") became aware of an opportunity to acquire a thirty (30) year leasehold over 6.0701 hectares of real property located in the Province of Kampar,Malaysia, that the Company believes has a significant deposit of granite (the "Property"). This opportunity was presented to the Company by Pembinaan Kaya Hebat Sdn Bhd, a Malaysian corporation ("PKH"). PKH is controlled by GMCI's majority shareholder, LYF & Son Realty Sdn. Bhd.
On May 3, 2017, the Company entered into a Letter of Intent with PKH and PKH's shareholders to acquire all of the issued and outstanding shares of PKH from its shareholders in exchange for shares of GMCI, which will be an amount equal to the fair market value of PKH, as determined by an independent, professional appraiser.
The acquisition of PKH is contingent upon: (a) PKH completing the transfer of title to the Property; (b) issuance of a mineral resource report that provides an estimate of the granite resources in place and exploration potential of resources located on the Property prepared by a licensed geologist that complies with the applicable rules and regulations promulgated by the SEC; and (c) the parties entering a definitive Share Purchase Agreement.
The transfer of title to the Property is subject to the approval of the local Malaysian state government. The Company currently believes that the transfer of title will be approved by the Ministry and completed before the end of August 2017. Therefore, the Company has commenced negotiations for the terms of the definitive Share Purchase Agreement and expects to execute such agreement before the end of August 2017. Completion of the transaction will also be contingent on completion of the Company's ongoing due diligence review and issuance of a technical report by a qualified geologist.
The Company has also identified other potential acquisition opportunities, for which it will attempt to enter into acquisition agreements following completion of the acquisition of the PKH.
About GMCI CORP. (OTCMKTS:GMCI)
GMCI Corporation is an investment holding company. The Company focuses on acquiring assets in Asian regions and globally. The Company focuses on approximately six sectors, including mining, property development, manufacturing, beauty and wellness, education and information technology. The Company is focused on mining of minerals, such as gold, bauxite, iron ore, and coal. The Company is focused on Malaysian property development, Malaysian education sector and Malaysian manufacturing sector. The Company’s subsidiary, SBS Mining Corporation Sdn Bhd (SBS) is a mining company, which focuses on bauxite mining and trading. SBS in total has approximately 20 concessions and exploration rights for iron ore resources in the state of Pahang, Malaysia. Its subsidiary, YCL Precision Engineering Sdn Bhd (YCL), provides precision machine parts and components for a range of industries and applications. Its subsidiary, Bio Wellness, focuses on developing a medical spa boutique in the Malaysian market.