- Bitcoin Well (BTCW) has secured a C$5M convertible debt financing commitment from AIP Private Capital
- The notes will be convertible into common shares priced at $0.32 per share and will bear interest at 12 per cent per year
- The company will use the proceeds to finance growth and future potential acquisition opportunities, as well as for general working capital
- Bitcoin Well offers convenient, secure and reliable ways to buy and sell Bitcoin through a trusted Bitcoin ATM network and suite of web-based transaction services
- Bitcoin Well (BTCW) is down by 4.35 per cent and is currently trading at $0.22 per share
Bitcoin Well (BTCW) has secured a C$5M convertible debt financing commitment from AIP Private Capital.
The company intends to conduct a private placement of unsecured convertible notes with the privately-held investment firm, which is known for its innovative approach to convertible private debt investing.
The notes may be issued in tranches at the option of the company and will be convertible, at the option of the holder, into common shares priced at $0.32 per share. They will bear interest at 12 per cent per year, payable in cash semi-annually in arrears. The interest rate will drop to 6 per cent upon the occurrence of certain events.
Bitcoin Well will use the proceeds to finance growth and future potential acquisition opportunities, as well as for general working capital.
The financing will close upon finalizing customary due diligence.
Adam O’Brien, CEO of Bitcoin Well, stated,
“The structure of this transaction affords Bitcoin Well access to growth capital with ultimate flexibility around the timing and size of potential draws, which supports our ability to align funding with our capital needs and control interest costs.
AIP Capital is an ideal partner for us as they focus on emerging growth companies, primarily in financial services and technology who have unique assets, and we are pleased to have access to a committed source of capital given the healthy line-up of opportunities we are exploring in our pipeline. This is a relationship we will look to foster and hope that AIP will continue to be a financial partner of ours as we focus on scalable growth products, such as our online Visa Debit capability we launched last week.”
Bitcoin Well offers convenient, secure and reliable ways to buy and sell Bitcoin through a trusted Bitcoin ATM network and suite of web-based transaction services.
Bitcoin Well (BTCW) is down by 4.35 per cent and is currently trading at $0.22 per share as of 9:40 am EST.
