Wellfield Announced $100,000 Second Tranche Drawdown with Alumina Partners

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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.


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