- Wellfield Technologies (TSXV:WFLD) and LeoNovus (TSXV:LTV) announced a reverse take-over transaction pursuant to a definitive agreement
- This agreement outlines the terms under which LeoNovus will acquire all issued and outstanding common shares of Tradewind Markets Inc.
- This transaction will result in a “reverse take-over” (RTO) of LeoNovus under TSX Venture Exchange policies.
- Wellfield Technologies stock (TSXV:WFLD) opened trading at $0.02
Wellfield Technologies (TSXV:WFLD) and LeoNovus (TSXV:LTV) announced a reverse take-over transaction pursuant to a definitive agreement. This agreement outlines the terms under which LeoNovus will acquire all issued and outstanding common shares of Tradewind Markets Inc., a wholly-owned subsidiary of Wellfield, in exchange for 562,500,000 pre-consolidated common shares of LeoNovus (equivalent to 36 million post-consolidation shares). This transaction will result in a “reverse take-over” (RTO) of LeoNovus under TSX Venture Exchange policies.
Upon completion of the RTO, LeoNovus will be renamed “Tradewind Precious Metals Exchange Inc.” or another name approved by the TSXV. In conjunction with the RTO, LeoNovus and its wholly-owned subsidiary, 1000997809 Ontario Inc., have entered into an agreement with Research Capital Corp. as the sole agent and bookrunner for a private placement offering. This offering aims to raise a minimum of C$4 million through the issuance of a combination of debt equity and equity subscription receipts.
Tradewind is revolutionizing precious metals trading with its blockchain-enabled platform, offering the lowest trading costs and ensuring high-quality gold securely custodied by the Royal Canadian Mint. The platform simplifies the historically complex process of buying gold, providing direct access to secure and trusted precious metals trading for gold dealers, family offices, institutions, and retail customers.
“Spinning out Tradewind into this RTO is a strategic move that underscores our commitment to advancing decentralized finance solutions in traditional markets,” Levy Cohen, CEO of Wellfield Technologies, said in a news release. “Tradewind, has developed a platform that redefines gold ownership and trading, providing users with investment opportunities and flexibility. Our unique relationship with the Royal Canadian Mint enhances this offering, ensuring a trusted and secure foundation for the new gold trading platform. By launching this RTO, we are positioning Tradewind to independently accelerate its growth and fully capitalize on the enormous potential of its technology. We are excited to see Tradewind take this pivotal step and are confident it will lead the way in the digitization of gold, creating new opportunities for investors and enhancing the overall market for precious metals.”
Tradewind’s flagship product, VaultChain Gold, combines digitized gold ownership with the credibility of a sovereign mint, intending to ensure transparency, security, and authenticity. This would allow investors to enjoy the stability of physical gold ownership while leveraging the efficiency of digital trading.
Building on this, Tradewind plans to launch a blockchain-based platform for seamless trading of tokenized gold against digitized USD, creating a highly liquid and transparent marketplace. Subject to regulatory approval, this platform will also introduce the ability for investors to earn yield on their gold holdings, an industry first.
Wellfield Technologies is an R&D-focused fintech company operating in public blockchains including Bitcoin and Ethereum. Wellfield offers a global platform for decentralized on-chain self-custody solutions, including Coinmama for retail investors with more than 3.5 million registered users, and Wellfield Capital for institutional and professional investors.
Wellfield Technologies stock (TSXV:WFLD) opened trading at $0.02 per share and has lost 71.43 per cent since this time last year.
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