Nov 27 2017
Mansfield-Martin Exploration Mining, Inc. announced today that it has entered into a letter of intent with Qu Ltd. to provide up to 5 million oz. silver dore´ to back a new crypto-currency offering.
The Silverback is a cooperative decentralized crypto coin running on the Ethereum block chain. Qu Ltd. will offer 5,000,000 coins, each backed by 1 oz. of .999 silver. Pricing for Silverbacks will be exclusively in Ether, and set at a sliding discount to spot silver pricing: 50% over the first 10 days; 25% over the second 10 days; 10% over the third 10 days; and 5% over the fourth 10 days. The ICO has a term of 60 days; thereafter, Silverbacks will be priced by traditional auction/bid-ask methods. If less than 75% of the Silverbacks are purchased, all funds will be returned to subscribers.
Qu Ltd. has entered into joint ventures with operating mining companies and the owners of mineralized properties to utilize proprietary extraction and refining technology for production of up to 5 million oz. silver per year. Provided it finds sufficient production, Qu Ltd. expects to offer 5 million new coins per year. Qu Ltd. shares Mansfield-Martin's commitment to environmentally responsible mining techniques, and has agreed to allocate a portion of its returns to remediation and habitat recovery. It expects the first 5 million oz. silver will be hallmarked and warehoused within 12-16 months after the Silverback ICO closes.
Under the agreement, silver produced from Mansfield-Martin's properties for the Silverback Non-Revocable Trust will be priced at a 22% discount to spot, with Qu Ltd. providing Proof-of-Funds or a suitable Letter of Credit prior to commencement of production. Mansfield-Martin also has the right to obtain portions of its payments in Silverbacks.
John T. Bauska, President of Mansfield-Martin, stated, "The Silverback ICO jumpstarts our production cycle. We've allocated the previously mined materials in surface dumps on a portion of our historical mine sites in the Tombstone Mining District that are estimated to hold over $65 million in silver, gold and other metals -- that's a big part of Qu Ltd.'s requirements for the next couple of years. We have additional properties we can commit in later periods, if we don't develop them on our own. If we choose payment in Silverbacks, we can participate in future market price increases as well."
Source: http://mansfieldmartin.com/