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IOT notches up second advisory appointment in a week
3 minute read
The IOT Group Ltd’s (ASX:IOT) subsidiary International Blockchain Advisory Corp (IBAC) (ibac.io) is advising Enigma Mining Ltd (EML) in developing the EML Blockchain Mining Project and the EML Initial Coin Offering (ICO).
This follows the advisory position announced two days ago when it was appointed advisor for a Blockchain project to develop the Royalti Blockchain Group’s (RBG) Blockchain Mining Services.
The two deals combine for a proposed AU$6 million in value and potentially $110,000 per month in bitcoin revenue.
The value here is speculative and investors should seek professional financial advice if considering this stock for their portfolio.
IBAC’s role in the latest project is to advise and introduce qualified technical management to complete the EML Blockchain Mining Project and to provide advisory services for the EML ICO.
IOT’s and IBAC’s role is limited to an advisory capacity for the Blockchain solution and the company will not itself directly, indirectly or jointly undertake the ICO and will remain as an advisor to EML.
IBAC will not be participating in a digital currency other than in receiving tokens as compensation for services.
This is in keeping with normal policy, and applied to the arrangement announced earlier this week regarding its appointment as advisor for Royalti Blockchain Group (RBG), Bitfury’s Australian authorised integrator and approved partner.
These appointments appear to be having a positive impact on IOT’s share price, and on Thursday morning it opened 50 per cent higher at .03 cents.
The past performance of this product is not and should not be taken as an indication of future performance. Caution should be exercised in assessing past performance. This product, like all other financial products, is subject to market forces and unpredictable events that may adversely affect future performance.
IBAC to receive 5 million EML tokens
The Binding Contract Terms detail that IBAC will receive 5 million EML tokens as consideration for services and advising on EML’s ICO with a proposed value of USD$0.20 per EML token.
Note: Should the ICO proceed, a white paper disclosing relevant information will be made available when the coins are offered, anyone who wishes to acquire the securities will need to complete the application form that will be in or accompany the white paper’.
IBAC will receive a certificate for 5 million EML tokens within 30 days of signing the Binding Contract.
The entity will also receive 10 bitcoins per month after the EML ICO for ongoing advisory services relating to the EML Blockchain Mining Project for the balance of the Binding Contract.
However, it should be noted that the token value is notional in nature, and as such the income generated for services is uncertain.
Subject to working capital requirements and prevailing investment market conditions, IOT will trade the EML tokens and the bitcoins on the relevant exchange to realise the cash value.
This represents another deal where IBAC is delivering on its mandate of taking the first mover advantage, rapidly expanding its blockchain capabilities and engaging with industry to both realise and drive the opportunities inherent in this new technology.