Bluebird Merchant Ventures Limited Operational Update (8596P)
22 February 2021 - 6:00PM
UK Regulatory
TIDMBMV
RNS Number : 8596P
Bluebird Merchant Ventures Limited
22 February 2021
Bluebird Merchant Ventures Ltd
(the " Company" or " Bluebird")
Operational Update
Bluebird Merchant Ventures (EPIC: BMV), the Korean focused gold
development group is pleased to provide an operational update with
regards to the South Korean projects.
Highlights:
-- Constructive discussions ongoing with Southern Gold seeking a
" win-win " for both companies
-- Third tranche of non-dilutive funding to be delivered in
March for construction at Kochang
-- Funding partners have created a digital token linked to the
delivery of gold - a first for a South Korean gold mine
The Company continues to have constructive discussion with
Southern Gold (SAU) with regards to the settlement and acquisition
of SAUs 50% Joint Venture Interest. The Company is confident that a
"win-win" solution can be achieved for both Bluebird and Southern
Gold.
The Company announced previously on 27 January 2021 that it had
received a second tranche of non-dilutive funding. The funding is
from Auric Network Ltd. The funding is a prepayment for gold at a
20% discount to the market price of gold at the time of delivery. A
third funding tranche is scheduled to be delivered on the week
commencing 15 March 2021. This funding is designated for
construction at Kochang. The funding tranches that have been
received thus far are part of the USD 5 to 20 million funding
commitment that was first announced on 28 September 2020.
Auric Network are advised by Seoul-based Diiant Co. Ltd. Auric
Network in partnership with Mine Foundation have created an
innovative financing mechanism where they have created a digital
token, using blockchain technology, that is linked to the delivery
of gold from the South Korean mines. This is the first time that
digital tokens have been used to finance the development of a gold
mine in South Korea. South Korea is one of the world's largest
adopters of cryptocurrency and trades substantial daily volumes
across various exchanges. Auric's token is listing on a major South
Korean regulated exchange during this week. Shortly thereafter the
token is expected to also be listed on other globally recognised
exchanges.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014
("MAR").
Enquiries:
Bluebird Merchant Ventures Ltd jmk@bluebirdmv.com
Jonathan Morley-Kirk, Non-Executive
Chairman
Notes to Editors:
Auric Network Ltd is a digital solutions company based in Hong
Kong.
Mine Foundation is the trading name of Mine Platform Ltd and is
an innovative investment platform utilizing blockchain technologies
for commodities focused projects.
Diiant Co. Ltd is a digital transformation company specializing
in blockchain technology based in Seoul, South Korea. The founders
have a successful track record in blockchain projects and they have
structured, arranged and marketed over 30 projects with a combined
value of over USD 150 million.
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END
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