ALCHEMIST MINING INC. TSX-V: AMS is pleased to announce a Memorandum of Understanding (“MOU”) with Hawkchain Capital Corporation (“Hawkchain”) to engage in the development of a blockchain-enabled trading exchange fueled by smart contracts. The MOU details collaboration in the production of a blockchain platform providing privileged access to high-demand assets held in reserve for token holders able to fluidly trade rights to the underlying assets, or the rights to future assets in production.
“The platform will be applicable to a range of industries where pre-release demand far exceeds the pending product supply,” stated Albert Kasprowicz, President of Hawkchain. “In such cases, an exchange-traded reservation pool of tokenized rights to future product delivery is the most fluid and efficient way to guarantee fair access to product. Our first step is to prove the platform in established industries. Ultimately, providing access to premium-quality, small-batch craft cannabis is the ideal application of our model, once industry regulations evolve to the point of supporting our entry to the sector.”
Under the terms of the MOU, Hawkchain will engage a consultancy firm to produce a development timeline for an Initial Coin Offering (“ICO”) and a tokenized asset-trading platform. News of the first target industry and pre-release asset base will be released with the announcement of the ICO.
Dave Gdanski, President and CEO of Alchemist stated: “This is a tremendously exciting venture for Alchemist, as together with Hawkchain Capital, we work to bring about a new model of transferrable sales orders made frictionless by the advent of smart contracts and blockchain. It’s a way of democratizing access to products by removing barriers to acquisition. Early entrants to the pre-release pool will access the best prices, and have the ability to either await product delivery, or to sell their right to delivery, at a potential profit as product release draws near. It’s a model for shopping and asset investment with implications to a range of industries, from tech gadgets to cannabis – a new model enabled by the blockchain revolution.”
The acquisition of Hawkchain is subject to Alchemist and the vendors entering into formal agreements with respect to the acquisition, and the satisfaction of closing conditions, to be negotiated. Such conditions will be in addition to Alchemist receiving all necessary approvals from the Canadian Securities Exchange. Alchemist cautions that there can be no assurance or guarantee that the parties will enter into a formal agreement with respect to the acquisition, that any closing conditions will be satisfied or waived, that it will receive all necessary prior approvals, nor that the acquisition will be completed at all.