Telegram will hold the second round of attracting investments in its own Gramic Currencies and TON's blockbuster platform. This is known to two interlocutors "Vedomosti" - investors of the preliminary stage of ICO Telegram. One of them received a letter from Telegram with an offer to invest in a new round, the second himself made a request to Telegram and received an application form with an explanatory part - on the structure of the possible transaction and future stages of placement, as well as the updated "white paper" - white paper, document , which describes the advantages of TON and Gram. "Vedomosti" got acquainted with these documents, their authenticity was confirmed by another potential investor of the second stage, who received them from Telegram.
In mid-February, the founder of the telegram messenger Pavel Durov reported to the Securities and Exchange Commission (SEC), which attracted $ 850 million from 81 investors to the ICO. Telegram did not conduct ICO in the usual sense, explained to "Vedomosti" a person who knows the procedure for raising funds for investors for TON Telegram, rather, it was a closed placement of securities in ordinary currency, dollars and euros. Investors buy rights to the project's crypto currency, Grams, but under another agreement: until TON is launched, these are securities that involve participation in the distribution of tokens.
SEK reported two companies registered in the British Virgin Islands - Telegram Group Inc. and TON Issuer Inc., both managed by Pavel and Nikolay Durovy. The same companies will be engaged in the second stage of Telegram placement, it is said in the explanatory part to the application form for investors of the second round.
In the second round, Telegram intends to raise up to $ 1.7 billion, explained in the explanation to the application for investors. Telegram can sell investors up to 1.05 billion Grams tokens, follows from the updated white book; in the application form for investors there is no amount. The second round is divided into two stages - A and B, the letter says, and the documents Telegram: the first will start in the last days of February 2018, Telegram intends to raise $ 850 million; private individuals can subscribe for the purchase of Gram for at least $ 1 million; $ 10 million. The price of the tokens at this stage will be $ 1.33 on average, Vedomosti's interlocutors confirmed according to the proposals they received from Telegram. The price of the tokens, the plan for attracting investments and other parameters of the second stage B in the documents are not accurately described.
In addition to the price (the first stage took place at a price of $ 0.38 for Gram, indicated in the application for the second round), the key difference between the second stage of the sale of tokens is the absence of a lock-up period for 18 months after the launch of the TON block, the white paper said. The lock-up period is a special restriction for investors who bought tokens when pre-allocated. Their Grams will be released every three months by 25% after the launch of TON. Until then, according to their agreement on the sale of telegram tokens, they can not make any transactions with purchased tokens (including resell the tokens and the rights to them). But investors of the second round of ICO will be able to freely dispose of the tokens immediately after the launch of the TON block, the new white paper says.
The recipient of the tokens will not have the right to vote, nor dividends, nor intellectual property, as stated in the agreement on the preliminary sale of Telegram tokens ("Vedomosti" got acquainted with a copy of the document, such provisions are in the document that one of the interlocutors received from Telegram " Vedomosti "). In the explanation for investors of the second round, future rights are not registered. TON should be launched before October 31, 2019, said in the documents of both rounds, otherwise investors will receive money back.