Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (the "Company" or "Wellfield"), a fintech company specializing in innovative solutions leveraging blockchain technology, is pleased to announce the second tranche drawdown of $100,000 (the "Second Tranche") pursuant to the investment agreement dated March 1, 2024 (the "Investment Agreement") with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners, LLC. As previously announced on March 12, 2024, the Investment Agreement provides the Company with access to a drawdown equity financing facility of up to $5,000,000 over a 24-month period.
Pursuant to the Second Tranche, the Company issued $100,000 of units of the Company (each, a "Unit") at a price of $0.05625 per Unit, with each Unit consisting of one common share in the capital of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant") exercisable to acquire one Common Share at a price of $0.09375 per Common Share for a period of 36 months from the date of issuance thereof. The closing of the Second Tranche is subject to the approval of the TSX Venture Exchange (the "TSXV"), and the securities issued thereunder will be subject to a four month and one day hold period pursuant to applicable securities laws.
Levy Cohen, CEO of Wellfield, commented, "We are pleased with the ongoing investments by Alumina as well as the higher price per unit and per warrant in this second tranche as compared to the first tranche under our investment agreement."
This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements
About Wellfield Technologies
Wellfield Technologies, Inc. (TSXV: WFLD) is a leading fintech company specializing in innovative solutions leveraging blockchain technology. Our platform Coinmama (web and Mobile app), provides seamless access to the cryptocurrency market for over 3.5 million registered users across 180 countries. We offer disruptive on-chain and web3 secure and friendly self-custody solutions through Coinmama. Additionally, Wellfield operates Tradewind Markets platform to digitize and trade real-world assets, including our flagship VaultChain™ Gold and VaultChain™ Silver products. Expanding our offerings for institutional clients, we present Brane Trust aiming to operate in Alberta Canada's second qualified digital asset custodian.
Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io.
For further information contact:
Wellfield Technologies Inc.
Levy Cohen, CEO
levyc@wellfield.io
(832) 483-2575
Ryan Graybill, Investor Relations
ryan.graybill@wellfield.io
Cautionary Notice on Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking statements in this news release include statements regarding: the launch of the Company's tokenized gold ecosystem; the Company's receipt of required regulatory approvals, including the approval of the TSXV which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the disclosure documents accessible on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
The TSXV has neither approved nor disapproved the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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