History
A Nevada shell renamed GMCI bought a Malaysian iron ore prospecting business with new shares in 2015, saw its licences lapse, and left SEC reporting in 2018.
2015: The Malaysian deal
GMCI Corp., a Nevada company formerly called Pacific Metals Corp., was renamed in March 2015. Shares on issue had been cut sharply by a 1-for-25 reverse split in January 2015, which also raised the authorised limit to 4 billion. On April 23, 2015 it closed a share exchange to buy all of SBS Mining Corp. Malaysia Sdn. Bhd. It paid with 500,000,000 restricted shares: 50 million to Lok Khing Ming, the CEO and sole director, 75 million to Liew Chin Loong, and 375 million to LYF & Son Realty. That heavily diluted existing holders, and shares on issue reached about 720.8 million. SBS held licences over two iron ore prospecting areas in Pahang, Malaysia, about 100 hectares in total, and was shifting toward bauxite. It was prospecting only, not producing.
2016-2017: Licences lapse, management changes
The two Pahang licences expired in January 2016, and SBS began negotiating with the concession owners. It also started a plan to move into financing and trading bauxite mining. In October 2016 management changed: Calvin Chin became CEO, Lok Khing Ming became Chairman, and Jason Chan, S.N. Loh, Brian Wong and Kevin Liu were appointed to other senior roles. A March 2017 filing restated all this and confirmed the company was not developing or producing any mineral deposit. In July 2017 GMCI deregistered its securities, ending its duty to file SEC reports. The record shows no new share issues in this period.
2017-2018: A possible merger and exit from reporting
On December 11, 2017 GMCI signed a letter of intent with NAMI Corp., under which NAMI would acquire up to 100% of GMCI for NAMI shares. It depended on conditions including a formal agreement, audited accounts, valuations, approval from at least 70% of GMCI's shares and an SEC registration by NAMI. No price was given. In July 2018 GMCI again deregistered, filing an amended Form 15 that cited about 207 holders of record. Shareholders kept their shares, but less public information would be available. As of August 1, 2018, the filings did not say whether the NAMI deal had proceeded, the licences were unresolved, and no debt was disclosed.
Written from the 6 story beats below (2015 to 1 Aug 2018), which come from the company's own announcements and filings.