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Bitcoin Well has announced a $ 5 million collateralized convertible bond loan to develop the next phase of the Bitcoin ecosystem. CanadianBusinessJournal

Edmonton, Alberta, February 24, 2022 (GLOBE NEWSWIRE) — Bitcoin Well Inc. (“Bitcoin Well”) (TSXV: BTCW), Technology companies building and using products that provide a safe and easy way to buy, sell and use bitcoins are collateralized convertible bonds of $ 5 million at a conversion price of $ 0.30 (“Convertible Bonds”). “) Was announced. Financing “).

Convertible bonds are issued in up to three tranches. The first tranche with a principal amount of 1.5 million CDN was Beyond The Rhode Corp on February 23, 2022. Published in (“BTR”). The amount of CDN $ 2.0 million may be issued before March 31, 2022. In addition, subject to the approval of the TSX Venture Exchange and the consent of the BTR, Bitcoin Well may require a third tranche with one or more prepayments from the BTR so as not to exceed the principal. CDN $ 1.5 million before June 30, 2022.

Today, Bitcoin investors have limited ways to use the gold standard of cryptocurrencies for their daily needs such as bill payments, donations, and online purchases of various products and services. As the Bitcoin well ecosystem of products and services evolves, we will be able to offer Bitcoin in a familiar way, combining the convenience of modern banks with the security and benefits of Bitcoin. You will be able to do it.

The funds will be used to enhance existing Bitcoin Well online products, acquire users, and general working capital. The Bitcoin Well ecosystem of products and services provides users with the ability to buy, sell and use Bitcoin online via self-managed blockchain technology and a unique mobile app (“Rise Wallet”).

Our vision is to change the brand name to Rise Wallet, which will soon be Well Wallet.TMProvides excellent personal finance app functionality for Bitcoin. We plan to integrate various payment rails into the app to provide users with a simple and reliable platform for buying and selling Bitcoin and the features available in the latest banking apps.

“There is no consistent account system in the industry that allows customers to interact with Bitcoin in the same way as the dollar,” said Adam O’Brien, founder and CEO of Bitcoin Well. “Creating a seamless customer experience for using Bitcoin in a safe and convenient way, as well as buying and selling, is necessary to realize our vision of a globally expanding and financially sovereign world. We’re basically building a product that looks like a bank account, but users can use Bitcoin technology to take full control of their money. “

Convertible bonds will mature on February 23, 2025 and will be subject to two automatic one-year extensions (“maturity dates”). Convertible bonds bear an annual interest rate of 10% and are paid in cash every month in a postpaid manner. The principal of the convertible bonds, at the holder’s option, at a conversion price of C $ 0.30 per common share subject to adjustment, in whole or in part to Bitcoin Well’s common stock (“common stock”). It is convertible. In certain situations. Adjustments are subject to TSXV review and approval. Bitcoin Well reserves the right to force a conversion of principal if the volume-weighted average trading price of common stock on 10 trading days is $ 0.60 or more per common stock. Bitcoin Well has the option to repay any amount of convertible bonds at any time after February 23, 2023, without penalty.

Convertible Debenture stipulates that the owner be paid monthly royalties equivalent to the following amounts: (A) 20% of total profit. ) Generated from the online ecosystem of Bitcoin Well and its affiliates from today to August 23, 2023. (B) 12-20% of total profit from August 23, 2023 to the latest conversion date or 3 months after maturity date (estimated 36-60 bps of total revenue). If the sum of all interest payments, future interest payments and royalty payments exceeds 24%, no royalty payments will be made.

Convertible bonds and underlying common stock are subject to a four-month holding period from the previous day. Convertible bonds are transferable only with the consent of Bitcoin Well. Financing will replace the convertible bond funding previously announced by Bitcoin Well on December 6, 2021.

About Bitcoin

Bitcoin Well provides a convenient, safe and reliable way to buy, sell and use Bitcoin. Bitcoin Well is on a mission to change the relationship between society and money by providing an ecosystem of products and services that enable Bitcoin to be accessed and understood.This ecosystem includes: Non-administrator Financial Offering (both face-to-face and online); Technology development, including SaaS and internal technology development through Ghostlab, the technology arm of the business. Educational resources designed with both customer and industry needs in mind.

Sign up for us Newsletter And follow us LinkedIn, twitter, YouTube, FacebookWhen Instagram To keep our business up to date. For OTC location information, please visit the following website. bitcoinwell.com/appointment/..

Bitcoin too contact address
For investor information, please contact:

Bitcoin too

1014282 Northwest of Avenue
Edmonton, AB T6E 1Z4
bitcoinwell.com

Myles DouganGeneral Manager of Public Relations Department for Investors
Tel: 587 982 2769
m.dougan@bitcoinwell.com

For media queries and more information, please contact:

Karen SumoraMarketing Director
Tel: 587 735 1570
k.smola@bitcoinwell.com

Neither the TSX Venture Exchange nor its regulatory service provider (the term is defined in the TSX Venture Exchange Policy) is responsible for the validity or accuracy of this release.

Information on the future outlook:

Certain statements contained in this news release may constitute information about future prospects. Information about future prospects is often, but not always, “anticipate,” “plan,” “estimate,” “expect,” “may,” “do,” and “intend.” , “Should” be used to identify. , Or its negation and similar expressions. Forward-looking information includes known and unknown risks, uncertainties, and other factors that may cause actual results and events to differ materially from those expected in such forward-looking information. It will be.

The forward-looking information contained in this press release includes a statement about the use of funding revenue, the expected benefits of the Rise Wallet app, and the timing and terms of the second and third tranches of funding. However, it is not limited to these. Estimated total revenue bps, Bitcoin Well’s ability to develop the Rise Wallet app, expected rebranding of the Rise Wallet app, and timing of Maturity of Convertible Debentures. The actual results of Bitcoin Well are information about this future outlook as a result of regulatory decisions, the risk that future tranches of financing will not be completed or will not be completed under the conditions outlined here, and industry competitive factors. The results expected in are very different. Where Bitcoin Well operates, the Rise Wallet app can be developed, marketed, implemented with expected cost changes, general economic conditions, regulatory changes, the need for additional funding, and other factors. Yes, many of which are beyond the control of Bitcoin. good. Bitcoin Well sought to identify significant risks and factors that could cause actual results to differ materially from those contained in forward-looking information, but the results were not expected, estimated or intended. There may be other factors that cause it.

The forward-looking information is based on management opinions and estimates at the time the information was created and is based on several assumptions, including the Bitcoin market and Rise Wallet’s third-party user market assumptions. increase. The ability of apps, the ability to protect intellectual property, the ability of Bitcoin Well to manage business growth, and the competitive advantage of Bitcoin Well. Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but there is no guarantee that these expectations will be proven to be correct and such forward-looking information is not available. It should not be overly trusted.

The forward-looking information contained in this news release represents Bitcoin Well’s expectations as of today and is subject to change after that date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information as a result of new information, future events, or otherwise, except as required by applicable securities law.

For more information, see the forward-looking notes in Bitcoin Well’s quarterly management discussions and analysis.


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Bitcoin Well has announced a $ 5 million collateralized convertible bond loan to develop the next phase of the Bitcoin ecosystem. CanadianBusinessJournal

Source link Bitcoin Well has announced a $ 5 million collateralized convertible bond loan to develop the next phase of the Bitcoin ecosystem. CanadianBusinessJournal

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