Novem has announced the opening date of the first Novem Gold store, a delay in the NNN gold token going to market, and an extension to its NVM token pre-sale and public sale timeline.
In its recent Ask Me Anything (AMA), Novem alluded to the opening of the store. Since, the team has been busy preparing for the grand opening on Monday, September 2nd in Linz, Austria.
As stated in the whitepaper, Novem anticipates the establishment of 100 gold stores across Europe over the next few years. In these stores, individuals can sell gold to Novem, who will, in turn, deliver it to a refinery to melt and refine the gold to LBMA-certified quality.
Although this is the first Novem Gold store, its co-founders are using their previous store in Wels, Austria as a template:
“Our two founders are experts in buying and selling precious metals and stones internationally, dealing in Austria, Germany, and Dubai, UAE. Their experience and network create a real upside for Novem and its customers, because we don’t need to fail first to learn the ropes, instead we know exactly what it takes to build profitable stores fast. This will allow us to follow through on our vision and open 100+ stores all over Europe.”
– Novem Whitepaper
NNN token delay to market
Earlier this summer, Novem had submitted a prospectus for the NNN gold token to the Lichtenstein Financial Market Authority (FMA). A prospectus is a “disclosure document that informs potential buyers about the outline, details and also potential risks of a financial security.”
As the gold-backed NNN tokens are regulated as a security, the prospectus is receiving more scrutiny to ensure it complies. While Novem submitted their prospectus “weeks ago,” the European Economic Area (EEA) enacted a new law that changed requirements for the content and format of a securities prospectus. As a result, Novem did not receive the necessary approval in time and is forced to delay bringing NNN tokens to the market by four to six weeks.
NVM token sale extension
In response to the delay of NNN tokens to the market, the team has opted to extend the NVM token pre-sale, and postpone the NEO/GAS only and public token sale phases. An updated timeline has been provided, which can be found here.
NVM is Novem’s utility token that allows users to purchase gold and services at a discount, and its token pre-sale is currently underway. A total of 180 million NVM tokens have been set aside for the public and private token sale.
The full announcement can be found at the link below: