(TheNewswire)
Edmonton, Alberta – TheNewswire – April 10, 2025 – Bitcoin WellInc. (“Bitcoin Well” or the “Company”)(TSXV: BTCW; OTCQB:BCNWF), the non-custodial bitcoin business on amission to enable independence announces the addition of the LightningNetwork for selling bitcoin on the Bitcoin Portal in the USA and ashares for debt settlement.
Lightning Network
Addition
Customers can now go directly from bitcoin in their
personal Lightning wallets directly to dollars in their bank using the
Lightning Network. This will enable smaller transactions with fewer
fees for customers of the Bitcoin Portal at bitcoinwell.com,
increasing their independence.
Now, when a customer wants to sell bitcoin, they will
enter the amount of dollars they want to receive, select their
connected bank account, and choose between the Bitcoin and Lightning
Network.
Previously, when the customer would sell bitcoin over
the Bitcoin Network they had to pay mining fees and wait 4
confirmations before the transfer to their bank was initiated. Now it
will happen instantly, with no fees thanks to the addition of the
Lightning Network into the Bitcoin Portal at bitcoinwell.com.
Further, due to the non-custodial nature of the Bitcoin
Portal, Bitcoin Well customers can hold bitcoin in their wallets
longer and benefit from a smoother customer experience. With other
platforms the customer would need to fund their bitcoin account
balance (which puts their funds at risk), sell the bitcoin and then
request the withdrawal to their bank.
From their Bitcoin Well account this happens in one
single action. Directly from bitcoin in their personal wallets, to
cash in their bank.
Shares for Debt
Settlement
The Company is indebted to certain creditors in the
total amount of $139,817 as of March 31, 2025 (the “Outstanding
Debt”), pursuant to certain use of bitcoin agreements and a
convertible debenture agreement (collectively, the “Agreements”).
The Outstanding Debt is interest accrued under the Agreements. Bitcoin
Well has elected to settle $104,155 of the Outstanding Debt by issuing
801,190 common shares in the capital of the Company (the “Shares”)
at a deemed price of $0.13 per Share and will settle $35,662 of the
Outstanding Debt by issuing 342,903 Shares at a deemed price of $0.104
per Share (the “Debt Settlement”). The Debt Settlement remains
subject to TSX Venture Exchange approval. All Shares issued in
satisfaction of the Outstanding Debt will be subject to a statutory
hold period of four months plus one day.
It is anticipated that a director of the Company will
participate in the Debt Settlement through a wholly owned subsidiary.
Such participation will be considered to be a “related party
transaction” within the meaning of Multilateral Instrument 61-101
Protection of Minority Security Holders in Special Transactions
(“MI 61-101”). The Company intends to rely on the exemptions
from the formal valuation and minority shareholder approval
requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a)
of MI 61-101 in respect of the related party participation in the Debt
Settlement as neither the fair market value (as determined under MI
61- 101) of the subject matter of, nor the fair market value of the
consideration for, the transaction, insofar as it will involve
interested parties, is expected to exceed 25% of the Company’s market
capitalization (as determined under MI 61-101).
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We
do this by making bitcoin useful to everyday people to give them the
convenience of modern banking and the benefits of bitcoin. We like to
think of it as future-proofing money. Our existing Bitcoin ATM and
Online Bitcoin Portal business units drive cash flow to help fund this
mission.
Join our investor community and follow us onNostr, LinkedIn,Twitter andYouTube tokeep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEOAdam O’Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, pleasecontact:
Adam O’Brien
Tel: 1 888 711 3866
ir@bitcoinwell.com
Neither TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.
Forward-lookinginformation
Certain statements contained in thisnews release may constitute forward-looking information, which isoften, but not always, identified by the use of words such as”anticipate”, “plan”, “estimate”,”expect”, “may”, “will”,”intend”, “should”, or the negative thereof andsimilar expressions. All statements herein other than statements ofhistorical fact constitute forward-looking information including, butnot limited to, statements in respect of Bitcoin Well’s businessplans, strategy and outlook. Forward-looking information involvesknown and unknown risks, uncertainties and other factors that maycause actual results or events to differ materially from thoseanticipated in such forward-looking information including, but notlimited to, the risk factors described in Bitcoin Well’s annualinformation form and management’s discussion and analysis for theyear ended December 31, 2024. Forward-looking information should notbe unduly relied upon. Any forward-looking information contained inthis news release represents Bitcoin Well’s expectations as of thedate hereof and is subject to change. Bitcoin Well disclaims anyintention or obligation to revise any forward-looking information,except as required by applicable securities legislation.
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