KUALA LUMPUR, Aug 23 (Bernama) -- SIMEX Inc announces the beginning of the public offering of its convertible preferred shares in the amount of 10 million shares at the price of US$20 (RM82) per share. (1US$ = RM4.10)
Shares offering is officially registered in accordance to SEC requirements. The raised funds will be used towards increasing the liquidity of the cryptocurrency and digital assets exchange platform which is also developing the technology of trading in "one account" mode, marketing and further development of the platform.
Simex said in a statement the sale of shares could be made for cryptocurrencies such as BTC, ETH, Litecoin, Dash and EOS.
Purchase could be made through the smart-contract by purchasing of SMX tokens, the tokens are convertible to Simex's preferred shares in the ratio of 20 tokens per 1 preferred share.
SMX Token allows you to reduce the commissions when trading on the Simex Exchange depending on the balance of the user's account up to zero pe cent.
The token also gives the right to have discounts purchasing any products and services within the platform.
The board of directors decided to pay 40 per cent of the corporation profit annually on these preferred shares until the common share price reaches US$40 (RM164) on the stock market. After that the corporation has a right to force to convert preferred shares into common shares at the ratio of 1:1.
This offer will last until March 1, 2019 or until the shares are fully sold out.
American Retail Group Inc, also known as Simex Inc is the public corporation organized in the State of Nevada, U.S. Details about the offer on https://simex.global
--BERNAMA
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