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Valereum PLC has entered a definitive agreement with Quorium Global Photonics SPC (QGP) to replace its existing US$200 million medium-term notes with VGOLD-CORE tokens valued at about US$279.5 million, increasing its exposure to the gold-backed tokenisation structure the companies have been developing.
Under the agreement, VGOLD-CORE tokens will be released quarterly over the next five years at US$13.975 million per quarter. Each quarterly release will be converted by reference to the LBMA gold price on the release date.
The tokens will be held in escrow until verification is completed. Alongside the VGOLD-CORE tokens, the escrow arrangement includes US$279.5 million of VGOLD-EQ tokens tied to the full mining reserves within QGP.
Valereum said it has hired an international accounting firm specialising in digital assets to lead verification. The work will include proof of reserves, asset-backing attestation, and an investment-grade technical audit of the underlying smart contracts and the ERC-1404 structure.
Valereum stated that verification is central to the agreement. If the mining assets are not verified, the existing note instrument will remain in place and the coupon that fell due on 29 March will become immediately payable in US dollars or USDC.
Chief executive Gary Cottle said the conversion “completely aligns” Valereum with QGP and its “mine to investor” tokenisation ecosystem, adding that the focus now is on verification and monetising the opportunity.
Pieter Scholtz and Gerhard Kotzee, directors of Valereum Plc and QGP, described the deal as “the final piece of the jigsaw puzzle” for the mine-to-tokenisation ecosystem. They said it is the first time a single financial ecosystem connects a producing gold mine, its tokenised equity and reserves, and a public capital markets distribution platform.
Valereum noted that its VGOLD platform is a regulatory-approved tokenised gold product supported by gold assets, subject to final verification and regulatory approvals.
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