Companies sign letter of intent with details to be worked out over the next 75 days.
Scottsdale, AZ, November 14, 2016. Northsight Capital Inc., (OTC -NCAP) announced the signing of a non-binding Letter of Intent to acquire Stargreen Holdings, LLC a Los Angeles California company (“Stargreen”) that currently owns a legal marijuana dispensary license and has entered into agreements to acquire additional businesses that cultivate, manufacture and dispense products to the legal medical and recreational marijuana markets. These agreements are subject to Stargreen securing funding necessary to consummate these acquisitions. As a condition of closing, the LOI requires Stargreen to close, on mutually agreeable terms a minimum investment of $5 million, a maximum of $20 million. NCAP is expected to issue 210 million shares of common stock in connection with the acquisition of Stargreen. In addition, NCAP is expected to issue to the management team warrants to purchase 10% of NCAP’s fully diluted common stock, with vesting to be based upon performance milestones. The closing of the acquisition is subject to various conditions, including satisfactory completion of due diligence, Stargreen consummating at closing the minimum $5 million funding on mutually agreeable terms and satisfaction prior to closing of NCAP’s preexisting liabilities.
Stargreen Enterprises currently owns a legal marijuana dispensary. In addition, it has entered into agreements to acquire products, cultivators and manufacturers serving the legal medical and recreational marijuana markets in compliance with state laws. Stargreen is building a large portfolio of companies to capitalize on industry supply chain economics by producing services and products at each stage. The planned extraction and cultivation operations use state of the art equipment and resource management techniques to maximize quality and profitability while minimizing use of natural resources. Additionally, Stargreen provides real estate financing solutions for tenants involved in the legal marijuana manufacturing and dispensary sector of the industry with expertise in design, construction and financing.
Statement from Northsight Capital: “The acquisition of Stargreen will diversify NCAP’s business and bring much needed funding into NCAP, along with qualified, experienced management in the Cannabis industry, all of whom have had many successful ventures in the past.
About Northsight Capital, Inc.
Northsight Capital, Inc. (“NCAP“) is comprised of a portfolio of online marijuana-related websites that are being developed and operated by the company. These sites incorporate many aspects of the marijuana industry. The company provides its audience with a means to stay informed on the industry’s most cutting edge marijuana-related innovations and legislation. The company’s most dynamic concept, WeedDepot.com, provides consumers with a geo-targeted map directory of medical and recreational dispensaries, head shops, doctors, attorneys and more within the marijuana industry. The Weed Depot app can be downloaded for free at the iTunes Store and Google Play. Weed Depot has an entire platform of content suited for every aspect of advertising and marketing to consumers from all businesses in the cannabis industry.
The company’s 420Careers.com is the leading job site in the Cannabis space with 3000 to 5000 visitors a day and approximately 1 million page views per month. NCAP is also just completing the build of its social media/dating site, www.JointLovers.com . Approval of the app has been granted by Android and the Company is filing the App with Apple for approval this week.
Northsight’s current websites include:
Various statements in this release, including those that express a belief, expectation or intention, may be considered “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include projections and estimates concerning the timing and success of specific projects or transactions. Forward-looking statements may also include projections and estimates concerning our future operating results and financial condition. When we use the words “will,” “believe,” “intend,” “expect,” “may,” “should,” “anticipate,” “could,” “estimate,” “plan,” “predict,” “project,” or their negatives, or other similar expressions, the statements which include those words are usually forward-looking statements. When we describe strategy that involves risks or uncertainties, we are making forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release; we disclaim any obligation to update these statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control.
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