SCOTTSDALE, Ariz.–(BUSINESS WIRE)– Northsight Capital Inc. (“NCAP”)(OTCBB: NCAP) amends its non-binding Letter of Intent to acquire Stargreen Enterprises, LLC, a Los Angeles, California, company (“Stargreen”), extending it until March 31, 2017. Subject to receipt of adequate funding and all necessary permits, Stargreen intends to build a business focused on cultivation, manufacturing and dispending of legal marijuana. Stargreen has already filed applications for licenses/permits to cultivate, manufacture and dispense products to the legal medical marijuana markets, and it has entered into agreements to acquire and or lease properties where it intends to operate such businesses. In addition, Stargreen has identified properties it inends to lease.
John Venners, NCAP’s EVP, Operations, stated “In addition to the impressive management team, Stargreen has marshalled a substantial project pipeline. Currently, Stargreen is pursuing six projects at multiple locations, consisting of 3 cultivation sites, 3 retail dispensaries and 1 manufacturing facility. Stargreen has or will be entering into purchase or lease agreements for each site it has identified, and it has or will be applying for the necessary governmental permits or licenses by the end of March 2017. These projects, if executed, will substantially transform our business. “
Consummation of the transactions contemplated by the project pipeline is subject to various conditions, including receipt of sufficient funding (the maximum $23.1 million, assuming no debt), issuance of all required permits and licenses and negotiation and execution of definitive agreements. The project pipeline is also subject to change. There is no assurance that any of the projects comprising the project pipeline will be consummated in a timely fashion or at all. Each project has certain real estate purchase/lease and financing contingencies and or agreements that continue to be negotiated. Such negotiations may adversely affect project viability.
Each of NCAP and Stargreen’s due diligence investigations is ongoing. Currently, NCAP expects to issue approximately 396 million shares of common stock to acquire Stargreen, and Stargreen is expected to secure, on mutually agreeable terms, a minimum investment into NCAP of $2.5 million (maximum of $23.1 million).
NCAP’s closing of the Stargreen acquisition is subject to various conditions, including satisfactory completion of business and legal due diligence, Stargreen securing at closing the minimum $2.5 million funding into NCAP, on mutually agreeable terms, satisfaction prior to closing of certain of NCAP’s preexisting liabilities and negotiation and execution of definitive agreements. These terms are subject to change. There can be no assurance that the transaction with Stargreen will be consummated.
About Stargreen Enterprises, LLC
The strategy is to build a large portfolio of assets to capitalize on supply chain economics by producing services and products at each stage. The planned extraction and cultivation operations will use state of the art equipment and resource management techniques to maximize quality and profitability while minimizing use of natural resources.
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 a 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 working on the build of its social media/dating site, www.JointLovers.com. Approval of the app has been granted by Android and the Company plans to file the App with Apple for approval as soon as it is complete.
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.
John Venners, 480-385-3800
Source: Northsight Capital Inc.