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Coinstreet, StormHarbour offer up to $25 million debt in notes, tokens
By Marisa Wong
Los Angeles, June 9 – Coinstreet and StormHarbour Hong Kong are collaborating to launch Rich Glory Coin, a security token offering and conventional note offering for accredited investors in the United States under Rule 506(c) and for some non-U.S. persons outside the United States under Regulation S, according to a Thursday press release.
Rich Glory Coin, to be issued by Success Plus Global Ltd., offers up to a maximum of $25 million debt instruments through single or multiple tranches.
The three-year instruments will bear interest at 4.5% per annum plus an additional upside return based on the then oil price at maturity. The instruments will be putable within the first year of closing.
The offering began on June 9.
To cater to both traditional investors and crypto-savvy investors, the offering is available in both conventional uncertificated form and digitized blockchain token form.
Net proceeds from the security token offering and note offering will be used for future expansion of oil production from the Kongnan Block oil fields in China and for other general corporate purposes.
Success Plus Global’s wholly owned subsidiary is the contractor and operator of the Kongnan Block oil fields.
New York-based advisory firm Coinstreet is the lead consultant and coordinator, and StormHarbour is the asset manager of the issuer of the Rich Glory Coin.
Securitize Markets is the broker dealer and alternative trading system operator, and Securitize, LLC is the transfer agent and solution provider for tokenizing/issuing and managing the Rich Glory Coin token throughout its lifecycle.
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