EDMOUND, Okla., Feb. 12, 2014 /PRNewswire/ -- Global Immune Technologies Inc, a Wyoming corporation ("Global") announced today that it entered into a Securities Exchange Agreement effective as of February 3, 2014, to acquire 70% of the issued and outstanding stock of Meekom Gold Exchange and Refinery Corp. Limited, ("Meekom") a Solomon Islands, registered corporation, with the Meekom shareholders ("Meekom Transaction") in exchange for Convertible Preferred Stock ("Preferred Stock"). At the Closing of the exchange, Global will declare a reverse split. The Preferred Stock to be issued to the Meekom shareholders will have a 9 to 1 voting and conversion ratio. The Preferred Stock will not be convertible until after Finra approval is received therefor.
In connection with the Meekom Transaction, Global reincorporated in Nevada under the new name Universal Resources. Both the name change and reverse stock split will not be recognized or effective for trading purposes on the OTC Markets until each is approved by Finra and a new trading symbol is issued. Until such time that Finra approval is received, the Global common stock will continue to trade under the symbol "GIMU" but its name will be legally changed to Universal Resources.
Meekom is primarily engaged in the business of refining gold in the Solomon Islands. It is incorporated in the Solomon Islands ("S.I."). S.I. is under the government of Australia's protection by an agreement with the United Nations. In 2009 a License was issued to a predecessor of Meekom by the mining department of the S.I for refining operations and for the buying and selling gold ("AU"). The license was renewed in August of 2013.
The current operation is predominantly (90%) involved in buying AU from local miners at a discount, refining the AU and then selling it at 999.9 based upon the 2nd London Fix. Meekom's basic business model, is the purchase, refining and sale of AU. It currently projects purchasing approximately 50 KG per month, with a comfortable profit margin per oz. The variable, is the world Gold price. New small to medium sized mining operations are constantly developing in the region. Meekom is in discussion with an existing small mining operation which would be enlarged and modernized to enhance its current revenue. Meekom is also in the process of raising funds in order to purchase additional machinery and equipment for its operations & refining process in order to attract larger mining operations in growing the Company.
For further information, contact Michael Holbrook at (405) 285-5916.
SOURCE Global Immune Technologies Inc