Aura Group is pleased to announce the close of Bullion Asset Management.
The Series A capital raising was led by Theta Gold Mines Limited with participation from existing investors Decentralised Capital Pte Ltd, Digital X Limited (ASX: DCC) and new high-net-worth investors. Aura Capital Pty Ltd advised BAM on the capital raise.
BAM is a Singaporean fintech company leveraging blockchain to digitize physical commodities. BAM’s core business is to create a one-stop shop in financing, tokenisation and trading of gold and other precious metals. BAM delivers digital ownership of highly secure physical bullion to provide market participants with a low-cost and liquid storage solution for the management of bullion and other assets. BAM will service precious metal miners/developers, fund managers, gold bullion and precious metal dealers, digital asset investors and the decentralized finance sector.
BAM’s wholly-owned subsidiary xbullion Holdings (“xbullion”), domiciled in the Cayman Islands launched its first project, a 100% physical-gold-backed digital token GOLD in September 2020 on the Ethereum blockchain. GOLD is currently available for trade against AUD, SGD, USD, IDR and THB and provides investors with digital ownership of physical gold bullion that is valued, audited and insured. Since its launch in September 2020, GOLD has seen 50% month-on-month growth despite availability at only one digital asset platform, Zipmex which is headquartered in Singapore.
BAM’s metals supply, corporate and logistic partners include StoneX, a Fortune 100 financial platform service company, Baird &Co, UK’s largest independent gold trader, Jaggards, Australia’s oldest bullion and rare coin merchant. BAM and xbullion’s accounts and physical gold are audited by global audit firm BDO.
Theta Gold Mines is an ASX-listed gold mining development company with a market capitalisation of $170m that holds a range of prospective gold assets in a world-renowned South African gold mining region. BAM and Theta see many possible future synergies in their collaboration and have entered into a further strategic agreement allowing Theta to:
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acquire up to 15% of BAM before 17 January 2022
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co-invest in up to 50% of any gold mining asset acquisitions by BAM before 31 December 2025
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offer its shareholders the option to receive Theta dividends in cash or in the GOLD stablecoin issued by xbullion Holdings, where such services from BAM or subsidiaries are freely offered to Theta
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tokenize some of Theta’s future gold production to provide added liquidity, transparency and accessibility to xbullion's wider network of partners
“We are very excited to become a shareholder to a rapidly growing bullion management business alongside Australia’s oldest and most reputable bullion and numismatic merchant, Jaggards, and ASX-listed Blockchain technology expert and digital asset fund manager DigitalX,” said Bill Guy, Chairman of Theta Gold Mines. “The transaction shall provide multiple competitive advantages for Theta and allow us to take a front seat among our peers in creating value for our shareholders from an extended vertically integrated value chain.”
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