Precious Investments, Inc. (OTCMKTS:PNIK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On March 1, 2017, Precious Investments, Inc., a Nevada
corporation (the Company) entered into a joint venture agreement
(the JVA) with Eddeb Management (Eddeb). The purpose of the joint
venture is to build a fund for the purpose of trading in precious
gems, notably, colored diamonds.
The material terms of the JVA for this joint venture are as
- the parties will be owners in an already formed Ontario
corporation, known as Flawless Funds GP Inc. (the Joint Venture),
with the Company owning 75% of the Joint Venture and Eddeb owning
25% of the Joint Venture;
- the Company and Eddeb will contribute relationships and
resources to the Joint Venture;
- the Company will primarily be responsible for Marketing and
managing the fund;
- Eddeb will be primarily responsible for fundraising
- the Companys CEO, Kashif Khan, and Abdurrahman Eddeb of Eddeb
will manage the day-to-day operations of the Joint Venture as
- the parties agreed that officers may be appointed to delegate
the responsibilities of the directors.
A copy of the JVA is attached hereto as Exhibit 10.1 and is
incorporated herein by reference. The foregoing description of
the JVA is qualified in its entirety by reference to the full
text of the JVA.
In order to acquire a 75% interest in the Joint Venture, the
Company agreed to provide two founding partners to the Joint
Venture a total of 16 million shares of the Companys common stock
in lieu of a percentage of the Joint Venture.
SECTION 3 SECURITIES AND TRADING MARKETS
Item 3.02 Unregistered Sales of Equity
The information set forth in Item 1.01 of this Current Report on
Form 8-K that relates to the unregistered sales of equity
securities is incorporated by reference into this Item 3.02.
The issuance of the shares is exempt from registration in
reliance upon Section 4(2) and/or Regulation D of the Securities
Act of 1933, as amended.
SECTION 9 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
|10.1||Joint Venture Agreement, dated March 1, 2017|
About Precious Investments, Inc. (OTCMKTS:PNIK)
Precious Investments, Inc. is engaged in the business of purchasing and selling colored diamonds. The Company focuses on managing a portfolio of rare colored diamonds. The Company focuses on manufacturing and wholesaling of fine jewelry. The Company also focuses on wholesaling of fine pre-owned vintage watches and buying of jewelry, watches and diamonds. The Company was an exploration-stage company with the principle business being the acquisition and exploration of resource properties. As of April 30, 2016, the Company had not generated any revenue. Precious Investments, Inc. (OTCMKTS:PNIK) Recent Trading Information
Precious Investments, Inc. (OTCMKTS:PNIK) closed its last trading session 00.000 at 0.675 with 1,681 shares trading hands.