NEWS TODAY: Immune Network to Farm in on Australian Resource Exploration Properties and Soil Assay Biotechnology
Tuesday , February 13, 2007 04:11ET
VANCOUVER, BC -- (MARKET WIRE) -- 02/13/07 -- Immune Network Ltd (PINKSHEETS: IMMFF) announces an agreement for the acquisition of:
(a) A proprietary geochemical exploration biotechnology (OreSearch) for
the detection of mineral ore bodies through thick overburden (soil
layer).
(b) The exploration licenses to a number of properties (totaling
approximately 800 square kilometers) in Western Australia, where the
OreSearch technology has been employed to identify potential ore body
anomalies.
(c) All future benefit from completed exploratory, investigative and
analytical work and data on 60,000 sq km in the Meekatharra,
Mooloogool, Minilya-Winning and Byro regions (total completed
exploratory and analytical work at market replacement value is well
over USD 4 million).
The agreement with LocatOre Pty Limited, a Perth, Australia company associated with Immune Network Director, Mr. Peter Boonen, includes the following conditions:
1. Immune Network will issue 30,000,000 common shares to LocatOre and
further agrees to spend a minimum of USD 1,250,000 over three years
to "farm-into" the exploration tenements, and thereby acquire a 50%
ownership in the properties.
2. Immune Network has the option to obtain the remaining 50% of the
properties through the issuance of 85,000,000 shares in Immune Network
at anytime before 15 July 2010, subject to shareholder approval.
3. Subject to the completion of conditions 1 and 2, above, Immune Network
has the option to acquire a 100% interest in the OreSearch proprietary
biotechnology through the issuance of a further 25,000,000 shares in
Immune Network within one year of completing the above conditions,
subject to shareholder approval.
Immune Network has appointed New York-based Key Capital Corporation (PINKSHEETS: KCPC), a related party, to arrange the financing of Immune Network's farm-in and acquisition, and to assist and advise Immune Network in various aspects of business development. Under the agreement between Immune Network and Key Capital Corporation, Key Capital Corporation will receive 8,000,000 shares of Immune Network for services rendered over a 24-month period, as well has 16,000,000 warrants exercisable at $0.05 until the end of 2010.
In order to settle outstanding debt, Immune has issued and reserved 35,275,322 shares and, following the issue of the 30,000,000 farm-in and acquisition shares as announced today, Immune Network will have 86,193,100 shares outstanding and reserved for issuance. On a fully diluted basis, and subject to shareholder approval, on exercise of all warrants and options, 100% acquisition of the exploration tenements and the acquisition of the OreSearch technology a further 138,928,965 shares would be issued resulting in the Company having 225,122,065 shares issued and outstanding.
The unique "OreSearch" soil assay biotechnology has been able to identify and/or discover buried or "blind" ore bodies. These ore bodies often occur at depth and have a negligible surface expression in terms of geochemical signature. In addition these ore bodies are often also geophysically blind, thus increasing the difficulty of their discovery.
The OreSearch technology, through research funding agreements with the School of Applied Chemistry at Curtin University in Perth, Western Australia, has been successfully proven through it application in Curtin University research projects with established resource industry companies. It has identified and/or located significant resources for a number of major mining companies including: Normandy, RTZ, Homestake, Argyle, Minorco (Anglo American), Delta Gold, AurionGold, Ashton Mining, Rio Tinto Exploration, CRAE, Tulloch Resources, Geographe Resources and Bann Geological Services Pty Ltd.
About Key Capital Corporation:
Key Capital Corporation is a boutique investment banking group that identifies undervalued assets globally. Key Capital can assist its portfolio companies with creative structured solutions that address often complex financing needs and, where applicable, subsequent public listing. Key Capital through its global relationship network within the equities, finance, accounting and legal business sectors is able to arrange diverse corporate services, including public offerings, mergers and acquisitions, financial structuring, and commercial advice.
Safe Harbor Statement
The information in this release, other than historical information, may be considered forward-looking statements within the provisions of the Private Securities Litigation Reform Act of 1995. Projections and other forward-looking statements and management expectations regarding future events and/or financial performance of the Company -- although given in good faith -- are inherently uncertain and actual events and/or results may differ materially.
--------------------------------------------------------------------------------For further information please contact:
Ed Levinson
1-650-241-1888
Email Contact
Source: Immune Network Ltd
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