Torian Resources Limited (ASX: TNR) to enter into BullionFX equity swap agreement
Perth, Sep 17, 2021 AEST (ABN Newswire) – Torian Resources Limited (ASX: TNR) is pleased to announce that the conditions relating to the share exchange agreement it entered into with BullionFX in March 2021 have now been met, after BullionFX has listed its $ BULL token on a secondary exchange and negotiate for> US50c.
– In March 2021, Torian Resources Ltd (“Torian”) entered into a share swap agreement to take a low risk equity position in BullionFX Ltd (“BullionFX”) by subscribing to US $ 1 million of BullionFX shares representing 5,000,000 BullionFX shares (2.5% of the capital at the time of the agreement). In return, BullionFX will acquire 27,711,968 common shares of Torian.
– Torian has also entered into an agreement with BullionFX to provide advisory services around the development of blockchain gold products for 10,000,000 shares of BullionFX (5% stake at the time of the agreement).
– BullionFX is developing a decentralized and scalable financial ecosystem supported by a gold standard. The $ BULL token represents a future utility within the BullionFX ecosystem.
– BullionFX holds 398,888,888 BULL tokens, of which 220,000,000 will be distributed to shareholders on a 1: 1 basis. Torian Resources expects to receive 15,000,000 BULL as part of this distribution, in addition to its BullionFX shares.
– On Monday September 6, 2021, BullionFX listed its token (BULL) on the Digifinex cryptocurrency exchange (digifinex.com) at $ 0.50, reaching $ 0.90 during trading and closing at $ 0.85, thus valuing Torian’s stake in BULL at 12.75 M USD.
– BullionFX is currently in talks with several other cryptocurrency exchanges and anticipates further listing announcements to come.
Torian Executive Director Peretz Schapiro said:
“We are extremely excited about the potential of the BullionFX ecosystem roadmap and Torian Resources is delighted to be an ongoing strategic partner. Led by the vision of Stephen Moss, we believe the future of gold and other tradable resources is led by the right team at BullionFX.
BullionFX has developed a world-class team and advisory board that includes leading investors from the finance, precious metals and payments industries. As Torian prepares to become a gold producer in Mt Stirling, she will be looking to leverage these relationships to move forward.
It is for these reasons that we have chosen to invest in BullionFX, as we believe they have the perfect blend of the right business model, strong financial backing and key industry personnel to position the future. gold on an exciting new path. ”
BullionFX founder Stephen Moss added:
“BullionFX has experienced tremendous growth over the past year and continues to attract global talent and investment as we intend to build and develop a major presence within the decentralized banking and finance industry.
“We are currently seeing record interest rates in traditional debt markets coupled with extremely high yields in decentralized markets, and we are delighted to announce a series of new developments towards the end of 2021.
“We are proud to have Torian as a shareholder and advisor. Torian is an extremely innovative and forward-looking partner in an industry that lacks significant innovation, we believe Torian will add substantial value to BullionFX as we continue to develop and develop other blockchain-based products. ‘gold. ”
About Bullion FX
BullionFX is a decentralized, scalable and autonomous financial ecosystem based on a new gold standard. The Bullion ecosystem will provide users with a secure infrastructure and full control over the ability to trade, pay, save, give away and participate in challenge, synthetic and other open source products with the ability to store the underlying wealth in any major currency or $ GOLD.
$ GOLD has addressed inherent competitor issues regarding liquidity, institutional quality auditing, physical withdrawal and reputation.
BULL is a token representing the Bullion ecosystem itself, which is bought and burned from time to time from transaction fees within the ecosystem. The Bullion ecosystem roadmap includes exchange, payment, return, definition, synthetic and open source applications.
BullionFX is an exempt Cayman Islands registered company incorporated in early 2020, founded by Stephen Moss who developed Australia’s first cryptocurrency vault offering – “Decentralized Capital” and BDO Blockchain, and co-founded by Don Gray .
Issue of shares
The Company plans to issue 27,711,968 ordinary shares to BullionFX in accordance with the agreement under Listing Rule 7.1 on or around October 1, 2021, a date that has been agreed between the parties.
About Torian Resources Limited
Torian Resources Ltd (ASX: TNR) is a gold exploration and development company with extensive strategic land ownership comprising eight projects and over 400 km2 of tenure in the Goldfields region of Western Australia.
Torian’s flagship project, Zuleika, is located along the world-class Zuleika Shear. The Zuleika Shear is Australia’s fourth largest gold producing region and regularly produces some of the richest and cheapest gold mines in the country. Torian’s Zuleika project lies north and partly along the direction of several major gold deposits including the Northern Star (ASX: NST) 7.0Moz East Kundana Joint Venture and Evolutions (ASX: EVN) 1.8Moz Frogs deposits Legs and White Foil.
Torian’s other projects include the strategically located Mt Stirling and Malcolm projects in the Leonora region (near Red 5’s King of the Hills project), where he recently completed updated mineral resource estimates and scoping studies. preliminary, and a series of other projects in the Kalgoorlie region including Credo Well JV Zuleika JV, Bonnie Vale, Gibraltar and Mount Monger / Wombola.
Torian Resources Limited