About the Issuer
Muscat Precious Metals Refining Company LLC (registration number: 1455743, “MPMR”) was incorporated in the Sultanate of Oman on 6 November 2022, and operates a precious metal refinery in Oman. MPMR is currently the only licensed refinery in Oman and it can refine up to 50 kilograms of gold per day. MPMR sources raw materials in the form of scrap jewellery from countries within the Gulf Cooperation Council and has signed an off-take agreement with a Tanzanian mining company.
The secured medium term notes issued by MPMR are secured by way of first fixed charge over gold-backed tokens owned by MPMR, where each gold-backed token represents a trust unit of a trust issuance vehicle Muscat Precious Metal Trust (“Gold Token”). Each series of the medium term notes issued by MPMR will be secured by Gold Tokens, where the value of the Gold Tokens to be secured as a percentage of the aggregate subscription amount of the series will be specified by the Gold Tokens / Tokens Ratio. The number of Gold Tokens required to secure each series will be determined by the LBMA Gold Price AM (USD)^ on the date 2 Business Days before the Issue Date.
Each Gold Token holds an economical value equivalent to one troy ounce of Gold Bullion held by the Trust Issuance Vehicle. The gold bullion, with Pure Weight of 99.99% fineness (the “Gold Bullion”) will be stored in private, maximum-security vaults including in Le Freeport, Singapore, on a segregated basis.
