Orocrypt, a company based in the Republic of Panama, has announced the crowdsale of its 500,000 Class A share-tokens.
The company, which allows people to have direct investments in precious metals such as gold bullion and hold them as cryptographically verified tokens, extends invitation to potential investors to receive usual rights and privileges of owners or shareholders.
OROC, as the tokens are titled, amount to 45% of the total Orocrypt equity. The rest of them are distributed in the following manner: 24% are held by the board as Class B tokens; 18% are reserved for a future employee incentives pool; and 13% are treasury tokens reserved for finance, bonus and compensation for services and rewards.
The price per OROC is 9 EUR and is non-divisible. Orocrypt aims to generate enough funds to provide two years of operating capital for the company, which it roughly calculates to €4.5 million. Euros will be kept to cover short-term expenses, but Orocrypt is clear about investing funds intended for long-term expenses in gold, silver, bitcoin and ether.
The company has further announced special offers for its large and early investors. It proposes to offer two large investors — who purchase more than 56,000 OROC each — with a seat in Board of Directors. Meanwhile, for the early investors, the purchases made during the first week of the ICO will attract 5% discount of the OROC price; and the purchases made during the ICO’s second week will attract a discount of 2% of the OROC price.
The payouts, according to Orocrypt whitepaper, will begin to appear in the form of ORO.G tokens backed by physical gold bullion — 30 grams of LBMA-quality gold — in Q3 of 2017. These tokens, which are developed using the Ethereum’s widely adopted ERC20 token system, will be simple, liquid, transparent and secure.
The Ministry of Economy and Finance, Panama has been informed about the token sale, and the company will report and comply with the regulations concerning Sujetos Obligados of the Ministry of Economy and Finance. This sale will not entrain investors from the United States.
For more information, please visit https://www.orocrypt.com or read their whitepaper here.