Bitcoin Well (the “Company” or “BTCW”), a technology company building and utilizing products that offer safe and easy ways to buy, sell and use bitcoin, announces it has granted incentive stock options (“Options”) to purchase up to a total of 4,413,509 Common Shares (“Common Shares”) of the Company to certain officers, directors and employees. The Options have been granted at an exercise price of $0.18 per Common Share. One third of the options will vest on each of the first three anniversaries of the date of grant and have a term of five years, expiring January 4, 2027. The grant of Options was made in accordance with the Company’s existing stock option plan and the policies of the TSX Venture Exchange (“TSXV”).
In addition, the Company is pleased to announce that it has approved the payment of bonuses for past performance to certain members of its team in the aggregate amount of $76,240, which it intends to settle through the issuance of 423,555 Common Shares (the “Settlement Shares”), which will be issued at a deemed price of $0.18 per Settlement Share (the “Securities for Services Transactions”). The deemed price per Settlement Share to be issued is the closing price of the Common Shares on the TSXV on the date of this news release. The Securities for Services Transactions do not include any Non-Arm’s Length Party (as defined under the policies of the TSXV). The Securities for Services Transactions, and the issuance of the Settlement Shares, are subject to approval of the TSXV.
“It is very exciting to be able to offer BTCW stock to our team as part of our total compensation,” said Adam O’Brien, Founder & CEO of Bitcoin Well. “I wholeheartedly believe in rewarding the organization and allowing them to share in the financial benefit we are all working incredibly hard to achieve. It’s amazing to have an organization full of shareholders.”
The Company also plans to issue 54,689 Common Shares having an aggregate value of $9,844 to its former interim Chief Financial Officer, which issuance is being made pursuant to the terms of an employment letter agreement between the Company and the former interim CFO dated October 29, 2021. The Common Shares will be issued at a deemed price of $0.18 per Common Share, being equal to the closing trading price of the Common Shares on the TSXV on the date of this news release. The issuance of the 54,689 Common Shares is subject to the approval of the TSXV, and such Common Shares will be subject to a four-month hold period pursuant to TSXV policies.
About Bitcoin Well
Bitcoin Well (TSXV: BTCW) offers convenient, secure and reliable ways to buy and sell bitcoin through a trusted Bitcoin ATM network, white glove in-person service and a suite of web-based transaction services. Based on management’s assessment of publicly-available data, Bitcoin Well is the first publicly traded Bitcoin ATM company in the world, with an enterprising consolidation strategy to deliver accretive and cost-effective expansion in North America and globally. As leaders of the longest-running, founder-led Bitcoin ATM company in Canada, management of Bitcoin Well brings deep operational capabilities that span the entire value chain along with access to proprietary, cutting-edge software development that supports further expansion. Bitcoin Well is on a mission to shift the relationship that society has with money by offering an ecosystem of products and services that make Bitcoin accessible and understood. This ecosystem includes non-custodial financial offerings (both in-person and online); technology development, including SaaS and internal technology developments through Ghostlab, the technology arm of the business; and educational resources designed with the needs of both the customers, and the industry, in mind.