Norvault has opened its Bacon Series 001 offering, with applications available through CanTra. Eligible investors can fund their subscriptions in euros or Canton Coin.
The offering gives indirect financial exposure to Art Share 002 Class B shares through notes, a form of debt security. Art Share 002 owns Francis Bacon’s Three Studies for Portrait of George Dyer (1963).
Each issued note will be represented by one Canton token and must be backed by at least one pledged eligible share. Buying a note does not give an investor ownership of the shares or the artwork.
The subscription price is €73.50 per note, including a €3.50 subscriber fee. The notes remain priced in euros even when Canton Coin is used. CC payments will be converted using a rate fixed on November 2 at 16:00 CET.
Applications close on October 30, with payment due by November 2. Initial issuance and token delivery are scheduled for November 5, subject to cleared funds, share settlement and completion of custody, investor and wallet requirements. An application or payment does not mean the notes have been issued.
Retail access is limited to Germany and Liechtenstein, subject to eligibility and distribution requirements. Elsewhere, only eligible qualified or professional investors can participate through a lawful placement. The notes are not offered in the United States or to US persons.
A separate tender offer allows eligible Art Share 002 shareholders to request cash or exchange accepted shares for notes. Instructions are due by October 23, and acceptance is not guaranteed.
The notes pay no interest and have no fixed maturity. They are not listed for trading and may be difficult to sell. Repayment is not guaranteed, and investors could lose their entire investment. Regulators have not approved or endorsed the notes.
Read the official offering announcement.
