Instrument · TM Claim Token
Tokenized senior secured project debt.
A fixed-term debt claim on a single, ring-fenced mining project's cashflows and assets. The holder is a secured creditor — not an owner of the mine. On default or insolvency, the holder recovers against pledged collateral ahead of unsecured creditors, provided the security interest is genuine and properly perfected.
UNDERLYING
One ring-fenced Project SPV holding the deposit, tenement and offtake receivables. The claim attaches to that Project SPV — not to T-Mines generally.
COLLATERAL, CUSTODY & PERFECTION
A UCC Article 9 security interest over the SPV's assets and receivables is granted to an independent Collateral Agent for all holders, perfected by financing-statement filing or control. A Coverage Test requires pledged collateral ≥ 1.5× outstanding principal.
ECONOMICS & LIFECYCLE
A fixed-term, coupon-bearing senior secured note; at maturity, repayment of face value plus an agreed premium. After the Rule 144 holding period (6 months for a reporting issuer, otherwise 12) it may be resold on the P2P Exchange.
LEGAL CHARACTERIZATION
A note under the Reves family-resemblance test — fixed-term, interest-bearing and collateralized — and therefore a security. Offered under Reg D Rule 506(c) or Reg S; any Reg CF variant carries a tenor of 12 months or less.
PRIMARY RISK
If the collateral is not genuinely the SPV's, not bankruptcy-remote from T-Mines, and not properly perfected, the "secured" claim collapses to an unsecured one. Single-project concentration is the secondary exposure.
COMPARABLES
Mineral-index tokens; mining royalty and streaming tokens.
Economic terms — coupon, premium and resale mechanics — are per-offering structuring parameters set in the offering documents. They are not promised returns; no yield is represented in public materials.