Bitcoin Well Launches Bitcoin Well Infinite and Expands to USA, With Other Updates - Seite 2

INN and Stockhouse are private companies headquartered in Vancouver, Canada, dedicated to providing independent news and education to investors at www.investingnews.com and www.stockhouse.com. For the 12 month term of these agreements, INN and Stockhouse will help to increase the general awareness of the Company. INN and Stockhouse do not provide Investor Relations or Market Making services. The cost of the INN campaign is CAD $50,000, with $5,000 due now, and the cost of the Stockhouse campaign is CAD $60,000, with $5,000 due now. The balance of these contracts are payable in full on or before September 30, 2023. INN and Stockhouse currently hold no securities in Bitcoin Well, and no shares will be issued as consideration for these contracts. These agreements are subject to Exchange approval.

Other updates

The Company has also granted stock options (“Options”) to its newest director, Allen Stephen, to purchase up to a total of 328,201 common shares (“Common Shares”) of the Company as compensation, in line with the standard compensation agreement for all Directors. The Options will be granted at an exercise price of $0.06 per Common Share. One half of the options will vest on the first anniversary of the date of grant and one half will vest in quarterly installments over the second year. The Options will expire after five years from March 28, 2023. The grant of Options was made in accordance with the Company’s existing stock option plan and the policies of the TSX Venture Exchange.

Lastly, on March 28, 2023, Bitcoin Well issued a secured convertible debenture for up to $0.4 million to refinance a portion of the existing bitcoin denominated debt, allowing Bitcoin Well to further reduce non-cash swings in the financial statements. At the option of the holder, the principal amount of the Convertible Debenture is convertible into common shares of Bitcoin Well (the “Common Shares”) at a conversion price of $0.15 per Common Share, with a required four (4) month hold period, subject to TSXV review and acceptance. Bitcoin Well has the right to require the holder to convert any portion of the principal amount into Common Shares at any time where the Current Market Price of the Common Shares equals or exceeds $0.30 for a period of ten (10) consecutive Trading Days. No finder’s fees are payable related to this issuance. The Convertible Debenture bears interest at a rate of 8% + Bank of Canada policy interest rate per annum and matures on March 28, 2026.