For early-stage mining and industrial ventures in Argentina, the secured convertible note has become the go-to bridge instrument. It combines equity upside via conversion with downside protection via collateral, and it's fast to execute under common Argentine and international legal frameworks. In-Basin Sand's US$2.4M note, a single secured convertible with one closing, is structured this way.
A standard convertible note is unsecured debt: if the venture fails, the holder queues behind operational creditors. A secured convertible adds a collateral layer, typically a personal guarantee from a principal shareholder, a pledge over specific assets, or a priority claim. This shifts the holder from pure venture-risk to asset-backed credit risk during the note's term.
The US$2.4M raise is a single secured convertible note with one closing. Every investor enters on the same terms: flat US$15M pre-money cap, 30% discount to the next priced round, 10% p.a. coupon.
| Term | Value |
|---|---|
| Instrument | Single secured convertible note, one closing |
| Size | US$2.4M |
| Valuation cap | US$15M pre-money, flat |
| Discount | 30% to the next priced round |
| Coupon | 10% p.a. |
| Maturity | 18 to 24 months |
| Security | Personal guarantee from Sergio Kalierof on the whole note |
| Minimum ticket | US$25,000 |
Maturity 18 to 24 months. Minimum ticket US$25,000. Founder and principal shareholder Sergio Kalierof provides a personal guarantee on the whole note.
At a qualifying priced round of US$5M or more (Series A), principal and accrued interest convert into shares. The conversion price is the better for the holder of the flat US$15M valuation cap or the Series A price less the 30% discount. This ensures the note holder receives a premium to the next-round investor for taking earlier risk.
If no qualifying round occurs before maturity, the note is redeemed in cash with accrued interest. If the issuer cannot redeem, the collateral (personal guarantee) backs repayment. Bridge investors are secured creditors, not pure convertible holders during the term.
US$2.4M total as a single secured convertible note with one closing: flat US$15M pre-money cap, 30% discount to the next priced round, 10% p.a. coupon, 18 to 24 month maturity. Personal guarantee from founder and principal shareholder Sergio Kalierof on the whole note. Minimum ticket US$25,000. Anchor allocations welcome. Issuer: JOLOT S.A.S. (Argentine company, active since 2019, BORA 11266/19, CUIT 30-71635875-1). Round facilitated by Sentinel Legal. Banking via Banco Santander Argentina.
In-Basin Sand is raising US$2.4M as a single secured convertible note: flat US$15M pre-money cap, 30% discount to the next priced round, 10% p.a. coupon, 18 to 24 month maturity, personal guarantee from founder Sergio Kalierof on the note. Minimum ticket US$25,000. Public landing: https://inbasinsand.com