US-based Global Immune Technologies has signed a securities exchange agreement to acquire 70% of the issued and outstanding stock of Meekom Gold Exchange and Refinery in the Solomon Islands.
Global intends to declare a reverse split at the closing of the exchange.
Global reincorporated in Nevada, US, under the new name Universal Resources, in connection with the Meekom transaction.
Until each is approved by Finra and a new trading symbol is issued, both the name change and reverse stock split will not be recognised or effective for trading purposes on the OTC markets.
The Global common stock will continue to trade under the symbol GIMU but its name will be legally changed to Universal Resources, until such time that Finra approval is received.
Meekom is primarily involved in the business of refining gold in the Solomon Islands.
In 2009, a license was issued to a predecessor of Meekom by the mining department of the Solomon Islands, for refining operations as well as buying and selling gold. This license was renewed in August 2013.
Meekom is currently involved in buying gold from local miners at a discount price, refining it and selling at 999.9, based upon the second London Fix.
With a comfortable profit margin per ounce, Meekom projects that it will purchase around 50kg per month.
Image: Meekom is primarily engaged in the business of refining gold in the Solomon Islands. Photo: courtesy of Ponsulak.