TOKEN BUYBACK ANNOUNCEMENT
15 November 2019
This announcement is made in reference to an amendment to the Traceto.io Terms of Token Sale and Use dated June 2018 (“Terms”).
Pursuant to Clause 15 of the Terms, an Addendum dated 15 November 2019 (“Addendum”) has been issued by the Company to amend the Terms. The Addendum shall take legal effect with immediate effect and shall be deemed to be valid as if the amendments in the Addendum were originally included in the Terms.
Should you have any questions regarding this announcement or the Addendum, please contact us at .
Traceto.io Pte. Ltd.
This Addendum is in reference to and made pursuant to Clause 15 of the TRACETO.IO TERMS OF TOKEN SALE AND USE entered into between yourself (“You” or “the Purchaser”) and TRACEOTO.IO PTE. LTD. (UEN 201725290K), a private limited company registered in Singapore, of 36 Armenian Street, #05-11, Singapore 179934 (the “Company” or “us” and the “Terms” respectively), when you purchased T2T tokens which were issued by the Company during the token sale period.
WHEREAS, the Company hereby, by this Addendum, makes the following additions to the Terms as set out below, and these additional provisions will be set out as new Clause 17 of the Terms and shall be deemed to take legal effect with immediate effect and be valid as if they were originally included in the Terms.
The Terms are hereby amended by inserting the following Clause 17 set out below:
17.1 You agree that the Company or the assigns of the Company shall have the right at any time to buyback from you all or any (at the absolute discretion of the Company) of the T2T purchased by you, at a buyback price to be determined in accordance with the Buyback Price formula set out in Clause 17.3 below within the period specified by the Company (“Buyback Right” and “Buyback” respectively) in the Buyback Notice defined in Clause 17.2 and at the price calculated in accordance with the Buyback price formula set out at Clause 17.3.
17.2 Notice of Buyback: The Company or the Company’s assigns may exercise the Buyback Right by giving notice to you, of not less than seven (7) days but not more than thirty (30) days prior to the date fixed for the Buyback (“Buyback Notice”).
17.3 Buyback Price Formula and Buyback Price: In the event of the Company exercising the Buyback Right, the Buyback price of each Token (the “Buyback Price”) shall be calculated based on the following formula (the “Buyback Price Formula”):-
TP2 = TP1 * 511.52%
TP2 = Buyback Price
TP1 = The price of T2T at 9.00am as at 15 November 2019 on Gibraltar Blockchain Exchange
17.4 Transfer of T2T: You are required to transfer the T2T purchased by you from your ETH wallet address to the Company’s ETH wallet address at 0x146f2fba9eba1b72d5162a56e3e5da6c0f4808cc (the "Company's Wallet"). After receipt in the Company's Wallet, the Company shall remit the Total Sum to your ETH wallet address by the date set out in the Buyback Notice.
17.5 The Parties agree that the costs and expenses (including legal fees and stamp duty, if any) in relation to the exercise of the Buyback shall be borne by the Parties equally.