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Canamex Gold announces GoldUSA and SilverUSA offerings to raise up to US$10M

GoldUSA tokens are sold to investors with the understanding that they may be converted into a specified weight of physical gold bullion

A GoldUSA token
The firm has launched a non-brokered private placement of GoldUSA Ethereum ERC20 tokens

Canamex Gold Corp. (CSE:CSQ) has launched a non-brokered private placement of GoldUSA Ethereum ERC20 tokens via a security token offering (STO).

GoldUSA tokens are sold to investors with the understanding that they may be converted into a specified weight of physical gold bullion, contingent on commercial production from Canamex’s Bruner Gold project in Nevada.

READ: Canamex Gold announces closing of GoldUSA security token placement

The tokens are being offered at about 30% discount to the current spot gold price and the minimum subscription is 500 GoldUSA tokens or US$2,250.

Each token is an interest in a one/200th ounce of gold at an offer price of US$4.50 per token.

Also today, Canamex said that further to its release of October last year, the non-brokered private placement of SilverUSA Ethereum ERC20 tokens via a security token offering is still open to subscribers.

The SilverUSA tokens are offered at about a 35% discount to the current spot silver price, and each token is an interest in a one-half ounce of silver at an offer price of US$5 per token. The minimum subscription is for 500 SilverUSA tokens or US$2,500.

The amount being targeted by the company for both these offerings is up to US$10 million.

The Bruner gold project in Nevada is still in the development phase.

The company has not yet made a production decision and is raising capital to advance the project through permitting and feasibility, the results of which are anticipated to support a production decision upon completion.

A preliminary economic assessment (PEA) released last year indicated a US$69.60 net present value for the project, assuming a gold price of US$1,280. The project would require an initial capital expenditure of US$37.81 million.

While the 2018 updated PEA was positive and recommends advancing the project through permitting and feasibility, it is based upon mineral resources only and not mineral reserves. The results of a feasibility study may differ from the results of the PEA.

Quick facts: Canamex Resources Corp

Price: 0.04 CAD

CSE:CSQ
Market: CSE
Market Cap: $2.46 m
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Canamex Gold Corp announce GoldUSA and SilverUSA crypto security tokens

Canamex Gold Corp (CSE:CSQ) CEO David Vincent and Malta Digital Exchange Executive Chairman Rick Klink joined Steve Darling of Proactive Investors on Skype to talk about Canamex offering security tokens backed by gold and silver royalties and metal streams. Canamex is now exploring the...

on 29/10/18

2 min read