In this letter we address ourselves to you in order to inform you about current developments. Due to the current situation around the corona virus, we are forced to postpone the listing date for the NNN token and the NVM token in succession, on the two exchanges, P2PB2B and Probit, which were scheduled for April 6, 2020, until further notice.
Due to current developments, the European Union has decided to close borders with third countries, including Liechtenstein, with significant impact on our supply chain. Therefore, we are currently unable to store gold there to mint additional NNN tokens, which would be essential for the listing. On the one hand, we have to make sure that we provide sufficient liquidity in the form of NNN tokens to stabilize the price on the exchanges and, on the other hand, we have to be able to satisfy the current very high demand for gold on the exchanges. We are not able to do either, unless we are allowed to store more gold in Liechtenstein. In order to minimize delays with regard to this problem, we therefore resort to the gold deposit of Novem Edelmetalle GmbH in Austria at short notice.
In addition, due to the spread of the corona virus, gold refineries are currently operating under heavily limited capacities or have come to a complete standstill, as happened at three of the world’s largest gold refineries – Argor-Heraeus, Valcambi and PAMP – in the canton of Ticino, in the Italian part of Switzerland. The production of the refineries in Germany was also stopped, except for our main supplier Heimerle & Meule. Therefore, there are currently long waiting times, as physical gold seems to be “sold out” worldwide and waiting times of one to three months are common. Due to good relations with numerous gold refineries, our waiting time is currently limited to a maximum of four weeks. Unfortunately, this waiting period is also not justifiable for a crypto exchange listing, as we must be able to meet the demand on a daily basis. This has also led us to the decision to postpone the listing due to the high risk involved. The purchase of NNN tokens and NVM tokens as well as physical gold, however, is still possible through us. There is only a delay until we can issue or send the physical gold or tokens.
We thank you for your understanding and assure you that we are working hard on solutions to keep the delay to a minimum.
Take care of yourself and your loved ones.
Your Novem Gold Team