Valereum (AQSE:VLRM) has agreed terms with Quorium Global Photonics SPC to replace an outstanding $200 million QMTN with VGOLD‑CORE tokens carrying an approximate valuation of $279.5 million, a move the board says strengthens its position in the mine-to-tokenisation ecosystem.
VGOLD‑CORE will be released quarterly at $13.975m per quarter over five years and converted to USD by reference to the LBMA gold spot price on each release date. The tokens will be held in escrow pending an independent verification process that will also secure $279.5m of VGOLD‑EQ tokens representing the equity in QGP’s mining reserves.
An international accounting firm specialising in digital assets will conduct full asset-backing and Proof of Reserves attestation, plus an investment-grade technical audit of the ERC‑1404 smart contracts that represent the tokens. The Definitive Agreement makes activation conditional on successful verification; if verification fails the original QMTN remains in place and the coupon previously due on 29 March becomes immediately payable (in USD or USDC).
"This conversion completely aligns us with QGP and the 'mine to investor' tokenisation ecosystem we have developed with them. We now need to focus on the verification process and monetising the significant opportunity in front of us, to regain investor confidence," Gary Cottle, CEO of Valereum, commented.
