NEW YORK, June 9, 2022 /PRNewswire/ — Coinstreet – an award-winning professional consulting and advisory firm for digital assets; StormHarbour Hong Kong (“Stormharbour“) – a Hong Kong SFC-licensed corporation, and a member of a global investment advisory group; and Securitize – a leading solution provider and SEC-registered transfer agent, broker-dealer, and alternative trading system operator, jointly announced their collaboration to launch Rich Glory Coin (“RGC“) – a security token offering (“STO“) and a conventional note offering for accredited investors in the US and for certain non-US Persons outside the US. The offering is made pursuant to Rule 506(c) to accredited investors in the US and to certain persons outside of the US pursuant to Regulation S, each under the United States Securities Act of 1933, as amended.
RGC is issued by Success Plus Global Limited (“Issuer“), which wholly-owned subsidiary is the contractor and operator of Kongnan Block oil fields with a combined total area of 31.29 km2 in the PRC (“Project“), which has proved and probable reserves of about 3.1 million barrels (MMbbl) and 4.7 MMbbl respectively as at 31 December 2021. For the two years ended 31 December 2021, the Issuer group had total gross oil production of 482,563 barrels (Bbls) and 469,554 Bbls respectively, representing an increase of approximately 2.8%, while net production entitlement to the Issuer group has increased approximately 32% from 275,195 Bbls in 2020 to 364,894 Bbls in 2021. Such increase was principally due to the higher production sharing ratio entitled by Issuer group for increased drilling efforts with new wells deployed in 2021. Net proceeds from the STO and note offering will be used for future expansion of oil production from the Project and other general corporate purposes.
RGC offers up to a maximum of USD25 million debt…
