Debt Security Token Rich Glory Coin Available on Securitize

Rich Glory Coin, a digital security being issued to raise capital and expand the Dagang Oil Field in the Kongnan Block, is available on Securitize for accredited and institutional investors.

The tokenized debt is seeking up to USD$ 25 million with a three-year term, paying an interest rate of 4.5% per year plus an additional upside return calculated based on 10% of the positive percentage difference between the 90-day VWAP Brent Price on Maturity Date over the 90-day VWAP Brent Price on First Closing Date.

Additionally, the secured debt will be subject to a put option exercisable by holders thereof before the first anniversary of closing.

Kongnan Block is in the southern part of Bohai Bay Basin and is approximately 100 km south of Tianjin, China. The oil project is described as having “steady production” and less risky than exploration stage developments. Since the start of trial production in September 1999 and up to December 31, 2021, cumulative oil production for Kongnan Block is said to be 11.41 MMbbl.

Investment bank StormHarbour Securities in Hong Kong is running the project with CoinStreet advising and “project facilitator” Fundergo participating in the digital security offering.

Securitize is participating in the tokenized offering according to a recent tweet:


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