Bitcoin Well Inc. announced a non-brokered private placement of 23,291,985 units at a price of CAD 0.06 per unit for gross proceeds of CAD 1,397,519.24 on September 1, 2023. The transaction included participation from returning investors Adam O?Brien for 2,880,000 units and Terry Rhode for 9,356,887 units. Each unit is comprised of one common share and one common share purchase warrant, with each warrant exercisable into one common share at a price of CAD 0.18 per share for a period of three years from closing.

The company paid no finder?s fee in connection with the transaction. If, during a period of 10 consecutive trading days between the applicable closing date and the expiry of the warrants, the daily volume-weighted average trading price of the common shares on the TSX Venture Exchange exceeds CAD 0.36 for each of those 10 consecutive days, the company may, within 30 days of such an occurrence, give written notice to the holders, following which notice the holders of the warrants will have 30 days to exercise their warrants. The transaction included participation from nine placees and 2 existing insiders for 12,236,887 shares.