Bitcoin Well Inc. announced a private placement of secured convertible debenture in the principal amount of CAD 727,680 on February 16, 2023. The convertible debenture is convertible into common shares at a conversion price of CAD 0.15 per common share. The transaction is subject to the acceptance of TSXV.

The company has the right to require the holder to convert any portion of the principal amount into common shares at any time where the Current Market Price of the common shares equals or exceeds CAD 0.30 for a period of ten consecutive trading days. The convertible debenture bears interest at a rate of 8% + Bank of Canada policy interest rate per annum and matures on February 16, 2026. The transaction included participation from two placees.