Tickers: XOTC:CNMXF, XTSX:CSQ
Tags: Mining
Vancouver, British Columbia / The Newswire / December 11, 2017 - Canamex Gold Corp. (the "Company") (TSX-V: CSQ) (OTCBB: CNMXF) (FSE: CX6) announces that further to the News Release dated 6th December 2017, referring to the Terms of Agreement ("TOA") dated 24th November 2017, an Addendum ("Addendum") has been signed between Harmonychain AS ("Harmony") and the Company.
Under the Terms of the Addendum, additional domain names have been registered and secured, on the Ethereum Blockchain. The Company now has secured the exclusive rights to a total of 6 (Six) Ethereum Blockchain Smart Contract Token ("Token") domain names, and ticker codes.
The six Token domain names, and ticker codes, are as follows:
GOLD SECTOR | SILVER SECTOR |
GOLDUSA (ticker GUSA) GOLD United States | SILVERUSA (ticker SUSA) SILVER United States |
GOLD10Y (ticker G10Y) GOLD 10 Years | SILVER10Y (ticker S10Y) SILVER 10 Years |
GOLD30Y (ticker G30Y) GOLD 30 Years | SILVER30Y (ticker S30Y) SILVER 30 Years |
Under the Terms of the Addendum, these six domains are covered by Harmonychain AS patents pending Bether(TM) (Better Asset Backed Ether System) a Commodity Asset Backed Future with Call, based on Blockchain technology. Bether(TM) is a registered trade mark in Norway.
The Company has secured the rights to use any of these six exclusive Token domain names, and ticker codes, for any future Token offering, if any of them are completed successfully by December 31, 2018. The Company is not undertaking any current Token or ICO offering now, but has secured the rights to use such Token domains. If, as and when the Company wishes to undertake a Token offering, it will disclose such details at that time.
ICO and Token Considerations
While the Company is not conducting an offering of any Token now it may decide to do so in the future. If the Company decides to do so, it will determine the terms of such offering and, such Token offering may be deemed to be a security for the purposes of the Securities Act (British Columbia) and therefore require either a prospectus or an exemption from the prospectus requirement to issue the Tokens and affect trades in the Tokens. The Company may utilize the accredited investors exemption, the offering memorandum exemption or such other exemptions from the prospectus requirement that are detailed in National Instrument 45-106 - Prospectus Exemptions. However, in certain instances the issuance of a Token may be determined to be a derivative if the underlying asset of the coin is a commodity which is not an investment contract. Until the Company finalizes any terms of any Token offering it will be unable to definitively determine if the Token is a security or a derivative. Tokens may be tradeable on the Ethereum Platform or other token platforms. If such token is a security then the Company will need to file a prospectus to permit the secondary market trading of the Token or alternatively apply for an exemption from the prospectus requirement for secondary market trading - there is no assurances that such exemptions will be granted.
A Token would not give the acquirer any equity or other interest in the Company equivalent to a holder of common shares including, for greater certainty, a right to participate in the profits or the distribution of assets of the Company, nor any voting rights in any meeting of the security holders of the Company. However, a holder of a Token would only be entitled to gold or silver as noted below pursuant to the terms of such Token offering. The Company intends to utilize the expertise of Harmonychain in establishing a possible Token offering pursuant to the TOA and Addendums.
As the Company is still in the development phase with its Bruner Gold Project, in Nevada, and in the exploration phase with its Silverton Gold property, in Nevada, and has yet to produce any gold or silver or other resources, a Token offering linked to the production of such mineral resources will be speculative and there is no definitive time horizon in which commercial production of such resources will commence; or could commence, given that there is no definitive feasibility study demonstrating economic production.
When and if the Company issues Tokens, the Company will receive cash for such issuances and will have a long-term liability on its financial statements which will require the delivery of gold or silver if commercial production is achieved. Investors of common shares of the Company should be aware that, depending on the terms of a Token issuance, a Token holder will receive gold or silver, if or when commercial production is achieved and after redemptions of gold or silver are satisfied, the Company could sell any remaining resources available.
Harmonychain has several patent applications pending within Ethereum Blockchain technology. These are divided in three categories:
1.Bether(TM) and other commodity physical forwards tailored for resource companies.
2.Physical delivery systems related to Blockchain Contracts.
3.Security systems related to Breach of Blockchain Security.
About the Company
Canamex Gold Corp. (TSX-V: CSQ) (OTCBB: CNMXF) (FSE: CX6) is engaged in fast-tracking toward development of the Bruner Gold Project in the prolific gold jurisdiction of Nye County, Nevada. The region is home to several producing and past-producing mines along the Walker Lane Trend. Canamex completed a positive Preliminary Economic Assessment (PEA) on the Bruner Gold Project in April 2016. Based on additional drilling conducted on the property, the company has commissioned a new PEA and resource estimate, expected to be completed before the end of 2017. The second asset is the Silverton Gold property, which is a gold exploration project, in Nevada, which has geological similarities to the Long Canyon gold deposit (+3 million ozs Au) in Nevada, being mined by Newmont Mining. Canamex has signed Agreements with Harmonychain AS, for Ethereum Blockchain Smart Contract Tokens for Gold and Silver, as an alternative means of raising capital, potentially without equity dilution. The Agreements secure the exclusive rights to 6 (Six) Ethereum Token domain names, ticker codes, and associated smart contracts, for Gold and Silver, if any of them have been successfully completed by 31st December 2018.
Greg Hahn (CPG#7122), President & COO of the Company is the qualified person who has reviewed and approved technical disclosures in this release.
ON BEHALF OF THE BOARD
David Vincent
Chief Executive Officer and Director
Mike Stark
Chairman of the Board
Contact: (604) 833-4278
mike.stark@canamexgold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2017 TheNewswire - All rights reserved.
