Coloured Ties Capital Inc. (TSXV: TIE) (OTC Pink: APEOF) (FSE: 97A0) ("Coloured Ties" or the "Company") provides the following corporate update on its TSX-50 top 50 selection and on its investment holdings:
As of February 17, 2023, material investment holdings for the Company in the lithium mineral exploration field include the following investments:
| AZIMUT EXPL INC | 1,743,300.00 | |
| https://azimut-exploration.com/wp-content/uploads/2023/01/azimut-pr-20230123.pdf | ||
| MANNING VENTURES INC | 7,767,000.00 | |
| https://manning-ventures.com/bounty-lithium/ | ||
| PATRIOT BATTERY METALS INC | 1,857,200.00 | |
| https://patriotbatterymetals.com | ||
| POWER METALS CORP | 3,006,500.00 | |
| https://powermetalscorp.com | ||
| ROCKLAND RES LTD | 3,100,000.00 | |
| https://www.rocklandresources.com | ||
| SUPERIOR MNG INTL CORP | 60,000.00 | |
| https://superiormininginternational.com/news-releases/superior-mining-international-corp-options-vieux-comptoir-lithium-property-in-prolific-james-bay-region-quebec/ Superior Mining has an Option on the Company's subsidiary's Quebec Pegmatite's Vieux Comptoir Property to earn 100% interest by issuing up to 14,000,000 Superior Mining Shares | ||
| WINSOME RES LTD | 83,000.00 | |
| https://winsomeresources.com.au |
subject to meeting all customary closing conditions, including final approval from the TSXV.
The values of the Company's holdings listed above are subject to audit. The Company holds other value holdings in public and private companies and cash that will be published in its audited financial statements.
The Company reports that it is advancing exploration programs on it's lithium projects within Quebec Pegmatite Corporation, a subsidiary of the Company and will provide updates as they progress.
Coloured Ties also reports that it is in discussions to complete proposed acquisitions of assets that may require additional capital. The proposed asset acquisitions are in the early stage of discussion and there is no guarantee any transaction will be completed. However, in the event the Company intends to proceed with an asset transaction, additional capital may be required, and the Company intends to position itself to be able to complete public offerings if needed. Any public offerings will be subject to the market conditions, the anticipated acquisition and careful consideration by the Company of the implications of the dilutive nature of a public offering.
TSX Venture 50
The Company is pleased to announce it has qualified for the 2023 TSX Venture 50, a ranking of the top performers on the TSX Venture Exchange over the last year.
Further, Coloured Ties Capital was appointed one of the top performing company in the Diversified Industries sector as the TSX 50 selection.
The 2023 TSX Venture 50 is an annual program showcasing the top 10 performers from 5 industry sectors: Clean Technology and Life Sciences, Diversified Industries, Energy, Mining, and Technology. Top performing companies were selected based on year-over-year performance across 3 equally weighted criteria: market capitalization growth, share price appreciation and trading volume for the year ended December 31, 2022. For the full list visit: 2023 TSX Venture 50.
"Year 2022 was a pivotal year for the Company and we were fortunate to position early into the lithium exploration sector with a significant early investment into Patriot Battery Metals and others in the lithium sector. Over 2022, The Company has become intimately involved in the James Bay Region lithium exploration field and has amassed an excellent exploration ground portfolio inside our subsidiary Quebec Pegmatite. We are also significant shareholders in Hertz Lithium, which aims to list on the CSE in spring 2023. In the coming year, we will look to monetize these investments and leverage the returns into other emerging early stage investments in the mining and technology sectors," stated Kal Malhi, CEO.
A brief video on Coloured Ties Capital produced by the TMX Group, can be found at Coloured Ties Capitalhttps://www.colouredtiescapital.com or
TMX V50 https://money.tmx.com/en/venture50
Seeking Additional Investment Opportunities
The Company is currently seeking additional investment opportunities in the mineral exploration sector for uranium, gold, gas and oil in Europe and also in leading edge technology opportunities. Entrepreneurs and organizations seeking a partnership in these sectors are encouraged to contact the Company with a brief summary of the projects for review.
About Coloured Ties Capital Inc
Coloured Ties Capital is a TSX-V listed issuer that invests in early stage commercial ventures and provides investee companies with capital market access and advisory services. The Company offers investors an opportunity to participate in early stage opportunities that are often only offered to high net worth or institutional investors via investment in the Company's common shares listed on the TSX Venture Exchange under symbol TIE.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
kal@colouredtiescapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Approval of the Option Agreement is subject to a number of conditions, including but not limited to, TSXV approval. There can be no assurance that the Option Agreement will be approved as proposed or at all. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155591
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Coloured Ties Capital Inc. (TSXV: TIE) ("CTI" or the "Company") announces that, further to its news release on December 7, 2022, it has obtained conditional approval from the TSX Venture Exchange (the "TSXV") with respect to the option agreement, as amended on January 16, 2023, (the "Option Agreement") entered into between Quebec Pegmatite Corporation ("QPC"), a majority-owned subsidiary of the Company, and Superior Mining International Corporation ("Superior"), whereby Superior has the option to earn a 100% interest in the Vieux Comptoir Lithium Property (the "Property"). Superior has made the initial deposit of $7,500 and confirmed it intends to exercise its Option.
Under the terms of the Option Agreement, Superior may exercise the option to acquire 100% interest in the Property upon the issuance to QPC of the following share issuances:
7,000,000 common shares of Superior (the "Superior Shares") upon receipt of approval of the TSXV;
3,500,000 Superior Shares payable on the one year anniversary of the Option Agreement; and
3,500,000 Superior Shares payable on the eighteen month anniversary of the Option Agreement.
The Option Agreement remains subject to the final approval of the TSXV, including the receipt from Superior of a National Instrument 43-101 technical report in respect of the Property by February 28, 2023. Pursuant to the terms of the Option Agreement, in the event Superior exercises its option in full and acquires the Property, Superior shall grant QPC a 3.0% net smelter return royalty (the "NSR Royalty") and the NSR Royalty may be reduced to 1.5% upon Superior making a cash payment of $3,000,000 to QPC.
Issuance of Option Grants
The Company is pleased to announce that it has granted an aggregate of 250,000 options (the "Options") to a consultant of the Company pursuant to the Company's stock option plan dated for reference August 18, 2022 (the "Plan"). The Plan was approved by the shareholders of the Company on September 23, 2022. The Options shall vest immediately. The Options are subject to the terms of the Plan.
Substantial Issuer Bid
Further to the Company's news release on January 18, 2023, the Company confirms it has taken up and purchased for cancellation a total of 5,192,307 common shares ("Shares") at a price of $0.65 per Share pursuant to its substantial issuer bid ("SIB") for an aggregate purchase price of approximately $3.375 million. After giving effect to the SIB, the Company will have 16,919,552 Shares issued and outstanding. Shareholders who have tendered their Shares pursuant to the SIB can expect payment for the Shares by January 27, 2023 in accordance with the terms of the SIB as set out in the SIB circular.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Company's shares.
Shelf Prospectus
The Company filed a Notice of Intention to be Qualified Under National Instrument 44-101, Short form Prospectus Distributions.
The Company is an investment issuer and may from time to time require capital to make investments or fulfil commitments associated with investee companies or projects. As such the Company intends to qualify for short form distributions to capitalize on possible fund raising to capture opportunities that provide shareholder value. In addition the Company may require the flexibility to issue shares pursuant to a prospectus in connection with acquisition and or investments. Acquisition discussions are at an early stage and may not be completed on the terms currently contemplated or at all. Management of the Company is aware of the dilution associated with any financing activity and intends only to raise additional capital if required in the execution of its investment plan, in context of the market, the net asset value of the Company and if it serves to enhance shareholder value.
Patriot Battery Metals Holdings and other Lithium Holdings Update
Coloured Ties is pleased to report that as of January 26, 2023, it holds 1,936,200 shares of Patriot Battery Metals which traded as high as $13.50 per share.
Azimut Exploration Inc 937,200 shares at average cost of $1.021 per share
Power Metals Inc 3,006,500 shares at average cost of $0.333 per share
Star Peak Mining 469,000 shares at an average cost of $0.785 per share
Winsome Resources 83,000 shares at average cost of $1.729 per share
The values above are based on trading data on the TSXV Exchange. The company holds other smaller value holdings in public and private companies and cash that will be published in audited financial statements.
Seeking Investment in Uranium, Gold and Technology Opportunities
Coloured Ties Capital is currently seeking additional investment opportunities in the uranium and gold exploration projects and leading edge technology sectors. Entrepreneurs and organizations seeking a partnerships in these sectors are encouraged to contact the Company with a brief summary of the projects or review.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
kal@bullruncapital.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Approval of the Option Agreement is subject to a number of conditions, including but not limited to, TSXV approval. There can be no assurance that the Option Agreement will be approved as proposed or at all. Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152662
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Coloured Ties Capital Inc. (TSXV: TIE) ("CTI" or the "Company") today announced today that it has taken up and purchased for cancellation a total of 5,192,307 common shares ("Shares") at a price of $0.65 per Share under its substantial issuer bid ("SIB") for an aggregate purchase price of approximately $3.375 million. The Shares purchased represent approximately 23.5% of the total number of the Company's issued and outstanding Shares at the time the SIB was announced in October 2022. After giving effect to the SIB, the Company will have 16,919,552 Shares issued and outstanding.
Payment for the Shares accepted for purchase under the SIB will be effected by Computershare by January 27, 2023 in accordance with the SIB and applicable law
An aggregate of approximately six million Shares were validly tendered and not withdrawn pursuant to auction tenders at or below the purchase price and purchase price tenders.
The full details of the SIB are described in the offer to purchase and issuer bid circular dated December 2, 2022, as well as the related letter of transmittal and notice of guaranteed delivery, copies of which were filed and are available on SEDAR at www.sedar.com.
This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell the Company's shares.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
kal@bullruncapital.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151683
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Coloured Ties Capital Inc. (TSXV: TIE) ("CTI" or the "Company") is pleased to provide the following update on the Company's lithium portfolio.
Quebec Pegmatite Corporation Holds Corvette Lithium District and Mazerac Lithium District Claims in Quebec
Quebec Pegmatite Corporation ("QPC"), a subsidiary of the Company, currently holds Quebec MERN mineral claims prospective for lithium in Quebec at their Vieux Comptoir Lithium Project and the Mazerac Lithium Project.
Vieux Comptoir Lithium Project is located between the Corvette Property of Patriot Battery Metal Inc. ("Patriot Battery") and the Adina Project of Winsome Resources Ltd. ("Winsome Resources"). The project area was targeted by the Company and the claims were acquired to obtain a strategic land position within the lithium prospective James Bay region. The Vieux Comptoir Lithium Project is adjacent to established lithium pegmatite occurrences and active successful projects:
The Vieux Comptoir Lithium Project is located approximately 35 km from the nearest road and airstrip with property access by float plane or helicopter.
Corvette Property - Patriot Battery (TSXV: PMET)
Patriot Battery's Corvette Property is reported to be a large lithium discovery in James Bay region of Quebec.
On December 13, 2022, Patriot Battery reported an update on their Corvette Lithium Project:
Patriot Battery Metals Inc. (the "Company" or "Patriot") (TSXV: PMET) (ASX: PMT) (OTCQB: PMETF) (FSE: R9GA) is pleased to announce core assay results for twelve (12) additional drill holes (CV22-046, 055, and 057 through 066) from its 2022 drill campaign at its wholly owned Corvette Property (the "Property"), located in the James Bay Region of Quebec. The primary drill area is focused at the CV5 Pegmatite, located approximately 13.5 km south of the regional and all-weather Trans-Taiga Road and powerline infrastructure.
Blair Way, Company President, CEO and Director, comments:
"The Corvette Property continues to deliver with these latest assay results, which include some of our highest grades to date. In addition, the strike length of the CV5 Pegmatite system remains open in all directions with wide widths and strong grades encountered along its currently defined 2.2 km length. I am happy to be back on track with regular news releases of our assay results from the summer-fall drill program. With 38 holes yet to be received from the lab, and re-commencement of drilling in January, we will have continuous news flow on the Property for some time."
(https://patriotbatterymetals.com/patriot-drills-113-4-m-of-1-61-li2o-including-2-0-m-of-6-41-li2o-at-the-cv5-pegmatite-corvette-property-quebec/)
Adina Project -Winsome (ASX:WR1)
On January 6, 2023, Winsome provided an update on its Adina Project with respect to its initial assay results from its drill hole AD-22-005. The intial assay results confirm the following significant lithium intercepts in drill hole AD-22-005:
Winsome Resources Managing Director, Chris Evans said:
"It is fantastic to see these impressive levels of lithium mineralisation in drill hole AD-22-005 which provide proof of the Company's previous visual estimates of mineralisation. Having an average of 1.34% Li2O for over 100m of pegmatite from surface speaks of a world-class lithium project and paves the way for the much expanded drill program we now have planned at Adina. It is also very encouraging for the other impressive pegmatite intersections and visual estimates from drilling of subsequent holes up until the Christmas break. We look forward to releasing these assays to the market as soon as they become available."
(https://winsomeresources.com.au/investors-asx-releases/)
Quebect Pegmatite Corporation Receives Conditional Approval for the Option of its Vieux Comptoir Lithium Project to Superior Mining International Inc.
On December 7, 2022, Quebec Pegmatite Corporation, a subsidiary of the Company announced that it entered into an option agreement (the "Option Agreement") with Superior Mining International Corporation ("Superior"), whereby Superior has the option (the "Option") to earn a 100% interest in the Vieux Comptoir Lithium Property in certain circumstances.
Under the terms of the Option Agreement, Superior may exercise the option to acquire 100% interest in the Property upon the issuance to QPC of the following share issuances:
The Option Agreement remains subject to the approval of the TSX Venture Exchange.
On January 5, 2023, the Company received conditional approval from the TSX Venture Exchange (the "TSXV") with respect to the Option Agreement. Closing of the Option is subject to meeting all customary closing conditions, including final approval from the TSXV.
Summary of Mazerac Lithium Project
On July 25, 2022, Coloured Ties reported that the Company had acquired 108 mineral claims, covering 55 square kilometers in the Cadillac-Pontiac region, about 50 km southwest of Val-d'Or. The claims are immediately adjacent to claims currently held by Winsome Resources and Vision Lithium Inc., a TSXV listed Lithium explorer. The Mazérac claims are accessible by a dense network of trails and other logging roads. The area also accessible through boat or seaplane within watershed of Decelles water reservoir, hosting the Rapid-7 hydroelectric dam of Decelles.
The general area has recently attracted many lithium prospecting and exploration companies such as Brunswick Exploration Inc. (TSXV: BRW), High Tide Resources Corp. (CSE: HTRC), Medaro Mining Corp. (CSE: MEDA), NeoTerrex Corporation (private company), Renforth Resources Inc. (CSE: RFR), Sayona Mining Limited (ASX:SYA), Vision Lithium Inc. (TSXV: VLI), and Winsome Resources.
The Cadillac-Pontiac area has gained attention due to recent discoveries of several high-grade spodumene prospects. The latest discovery of high-grade lithium prospects by Vision Lithium Inc, spurred several other exploration and drill programs within the Cadillac area. Since December 2021, approximately 4000 new claims have been registered in the greater Mazerac area and the Pontiac Sub province region, south of Val-d'Or and Rouyn-Noranda.
Other Lithium Portfolio
CTI holds the following investments in the Company's lithium portfolio aside from its 10,000,000 shares of Quebec Pegmatite Corporation:
Recently, Winsome Resources acquired 7,500,000 common shares of Power Metals and 7,500,000 common share purchase warrants of Power Metals from Sinomine Rare Metals Resources Co Ltd. ("Sinomine") for total cash consideration of $2,000,000. Each warrant entitles the holder thereof to acquire one share of Power Metals at CAD$0.40 per share, expiring on 17 March 2025. Winsome Resources has also agreed to assume all of Sinomine's rights and obligations under the offtake agreement that was entered into between Sinomine and Power Metals dated March 16, 2022.
Substantial Issuer Bid Deadline is January 17, 2023
The Company reminds shareholders that the previously announced substantial issuer bid (the "Offer") under which the Company will offer to purchase for cancellation up to $3,375,000 of its outstanding common shares (the "Shares") will expire on January 17, 2023, unless extended, varied or withdrawn. Shareholders who wish to tender their shares are urged to tender their shares in advance of the deadline to ensure efficient processing time.
The Offer is being made by way of a "modified Dutch auction", which will allow shareholders who choose to participate in the Offer to individually select the price, with a range of not less than $0.55 per Share and not more than $0.65 per Share (in increments of $0.01 per Share), at which they are willing to sell their Shares. Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than $0.65 per Share and not less than $0.55 per Share) (the "Purchase Price") that will allow it to purchase the maximum number of Shares tendered to the Offer, and not withdrawn, having an aggregate purchase price not exceeding $3,375,000.
ABOUT Coloured Ties Capital Inc.
Coloured Ties Capital is a publicly traded Canadian-based venture capital firm focused on early stage investments in companies in the junior resources and break thru and disruptive technologies. Coloured Ties investment strategy is to invest early in multiple private and public companies across a variety of sectors that merit investments to advance promising ventures globally. Coloured Ties invests early stage, in promising projects where it can be the Founding or Early Stage investor and can additionally provide investees with advisory services and access to the company's ecosystem.
Entrepreneurs or prospectors or other listed companies seeking business partnership with Coloured Ties are invited to contact the Company for further information on our investment criteria and available opportunities.
For further info, please contact
Kal Malhi
Chief Executive Officer
kal@bullruncapital.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. Except as required pursuant to applicable securities laws, the Company will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by the Company.
The forward-looking statements contained in this news release present the expectations of the Company as of the date hereof and, accordingly, is subject to change after such date. Readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150814
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Coloured Ties Capital Inc. (TSXV: TIE) ("CTI" or the "Company") reminds shareholders that the previously announced substantial issuer bid (the "Offer") under which the Company will offer to purchase for cancellation up to $3,375,000 of its outstanding common shares (the "Shares") will expire on January 17, 2023, unless extended, varied or withdrawn. Shareholders who wish to tender their shares are urged to tender their shares in advance of the deadline to ensure efficient processing time.
The Offer is being made by way of a "modified Dutch auction", which will allow shareholders who choose to participate in the Offer to individually select the price, with a range of not less than $0.55 per Share and not more than $0.65 per Share (in increments of $0.01 per Share), at which they are willing to sell their Shares. Upon expiry of the Offer, the Company will determine the lowest purchase price (which will not be more than $0.65 per Share and not less than $0.55 per Share) (the "Purchase Price") that will allow it to purchase the maximum number of Shares tendered to the Offer, and not withdrawn, having an aggregate purchase price not exceeding $3,375,000.
Shareholders who wish to participate in the Offer will be able to do so through (i) auction tenders in which they specify the number of Shares being tendered at a specific price per Share, or (ii) purchase price tenders in which they agree to have a specified number of Shares purchased at the purchase price to be determined pursuant to the auction and have their Shares considered as having been tendered at the minimum price of $0.55 for the purposes of determining the purchase price. Shareholders who validly deposit Shares without specifying the method in which they are tendering their Shares will be deemed to have made a purchase price tender.
If the Offer would result in an aggregate purchase price of more than $3,375,000, the Company will purchase a pro-rated portion of the Shares so tendered pursuant to auction tenders at or below the Purchase Price and purchase price tenders (after giving preferential treatment to "odd lot" holders).
The Offer is optional for all shareholders, who are free to choose whether to participate, how many Shares to tender and, in the case of auction tenders, at what price to tender within the specified range. Any shareholders who do not deposit their Shares (or whose Shares are not repurchased under the Offer) will realize a proportionate increase in their equity interest in the Company, to the extent that Shares are purchased under the Offer.
The Offer will not be conditional upon any minimum number of Shares being tendered. The Offer will, however, be subject to other conditions and the Company reserves the right, subject to applicable laws, to withdraw or amend the Offer, if, at any time prior to the payment of deposited Shares, certain events occur. The formal offer to purchase and issuer bid circular, letter of transmittal and notice of guaranteed delivery (collectively, the "Offer Documents") containing the terms and conditions of the Offer and instructions for tendering Shares have been filed with the applicable securities regulators and mailed to registered shareholders. The Offer Documents are available under the Company's SEDAR profile at www.sedar.com.
Neither the Company nor its board of directors makes any recommendation to shareholders as to whether to tender or refrain from tendering any or all of their Shares to the Offer. This press release is neither an offer to purchase nor a solicitation of an offer to sell any Shares. The solicitation and the offer to purchase Shares by the Company is being made only pursuant to the Offer Documents. Shareholders of the Company are urged to read the Offer Documents carefully and to consult with their own financial, tax and legal advisors prior to making any decision with respect to the Offer.
For further information please contact:
Coloured Ties Capital Inc.
Kal Malhi Chief Executive Officer
kal@bullruncapital.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain forward-looking information within the meaning of applicable securities laws, which reflects the Company's current expectations regarding future events, including regarding the timing and completion of the Offer. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance. Forward-looking information is based on a number of assumptions is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to, the factors discussed under "Risk Factors" in the Company's most recent management's discussion and analysis. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/150382
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(TheNewswire)
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Edmonton, Alberta TheNewswire - November 12, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, today announced financial and operating results for the third quarter and nine months ended September 30, 2024.
Revenue of $21.0 million for the 3-months ended September 30 , 2024 (Q3 2023: $13.4 million, +57%); and $60.5 million for the 9-months ended September 30, 2024 (2023: $40.9 million, +48%).
Revenue growth driven by continued growth on the Bitcoin Portal which grew 209% in Q3 2024 when compared to Q3 2023.
Unique registrations grew by more than 4,800 in Q3 to a total of over 25,000 as of September 30, 2024 (representing growth of 23% from June 30, 2024 and 127% from December 31, 2023).
As of November 4, 2024 the Company has over 27,000 unique registrations
Financial overview
For the three months ended, | For the nine months ended, | |||||||
Sept 30, 2024 | Sept 30, 2023 | Sept 30, 2024 | Sept 30, 2023 | |||||
Revenue | $ 21,010,424 | $ 13,412,337 | $ 60,454,337 | $ 40,941,790 | ||||
Gross Profit | 905,298 | 1,110,325 | 2,750,218 | 3,398,365 | ||||
Adjusted EBITDA (1) | (611,367) | (69,489) | (1,681,563) | (616,901) | ||||
Adjusted Cash Flow (1) | (806,613) | (490,260) | (2,243,400) | (1,962,839) | ||||
Net loss | (949,226) | (1,843,108) | (7,948,965) | (6,819,735) | ||||
Total comprehensive loss | (1,372,989) | (2,208,561) | (4,632,583) | (4,038,470) | ||||
(1) See Non-IFRS Measures.
Overall revenue in the second quarter of 2024 was $21.0 million, compared to $13.4 million in Q3 2023 (+57%), driven by higher transaction volumes on the Bitcoin Portal. Revenue from the Company's Online segment grew to $15.1 million in Q3 2024 from $4.9 million last year, an improvement of 209%. On a year-to date basis, revenue increased to $60.5 million, compared to $40.9 million in the first nine months of 2023 (+48%). Revenue from the Online segment grew to $41.4 million for the nine-month period from $16.6 million last year, marking growth of 148% YoY.
"We are proud of the growth of the Bitcoin Portal," said Adam O'Brien, founder and CEO of Bitcoin Well. "We have been working hard to create the best bitcoin platform which empowers our customers to take and use bitcoin in self custody. Our growth is a symbol that we have achieved product market fit. Now we are focused on exponential growth by tapping into the toughest and most resilient community in the world; the bitcoin community."
Overall gross profit declined to $0.9 million in Q3 2024 from $1.1 million last year (-18%) and for the nine months ended September 30, 2024 declined to $2.8 million from $3.4 million last year (-19%). The decline is primarily driven by a change in sales mix, with lower margin online transactions now making up a larger proportion relative to the high margin Bitcoin ATM sales. The Company sees this as a necessary stepping stone to successfully transition the business into a highly scalable online bitcoin platform.
The Company is experiencing a significant rate of growth on its Bitcoin Portal, which has now exceeded 27,000 unique signups as at November 4, 2024. This represents user growth of 23% from June 30, 2024 and 127% from December 31, 2023.
In addition, the Company's initiatives to increase the gross profit on the Bitcoin Portal have been successful. Gross profit from the Bitcoin Portal was $0.2 million for the 3-months ended September 30, 2024 (Q3 2023: $15 thousand, +1,198%) and $0.5 million for the 9-months ended September 30, 2024 (2023: $0.3 million, +86%).
Further, gross margin has improved to 1.3% in Q3 2024 from just 0.3% in the same quarter last year (+313% improvement), and these initiatives continue. This includes building products such as Lite Accounts and Cash Vouchers, and in the future, the ability to buy gift cards to popular merchants and stores with bitcoin.
Adjusted EBITDA declined to negative $0.6 million in Q3 2024 from negative $0.1 million in Q3 2023 and to negative $1.7 million for the nine months ended September 30, 2024 from negative $0.6 million last year. These declines were primarily due to higher marketing expenses and professional fees.
Year-to-date in 2024, the Company has made significant investments in marketing and advertising initiatives to promote usage of the Bitcoin Portal. Marketing and advertising expenses in Q3 2024 were $0.5 million, reflecting a $0.3 million increase from Q3 2023 (nine months ended September 30, 2024 - increased to $0.9 million from $0.3 million last year). The higher professional fees in 2024 was due to non-recurring legal fees incurred to vigorously litigate against Rapid Cash ATM Ltd. due to their alleged breach of contract in October 2023.
This news release should be read in concert with the full disclosure documents. The Bitcoin W ell condensed consolidated interim financial statements and MD&A for the three and nine months ended September 30, 2024 and 2023 will be available on the Bitcoin Well website ( www.bitcoinwell.com ), via SEDAR+ ( www.sedarplus.ca ) or can be requested from the Company.
The Company uses certain terms in this news release, such as ‘Adjusted EBITDA' and ‘Adjusted Cash Flow', which do not have a standardized or prescribed meaning under International Financial Reporting Standards (IFRS), and accordingly, these measurements may not be comparable with the calculation of similar measurements used by other companies.
Please refer to the "Non-IFRS Financial Measures" section in the Company's Management Discussion & Analysis for the period ended September 30, 2024 ("MD&A") for applicable definitions, calculations, and rationale for use. Non-IFRS measures are provided as supplementary information by which readers may wish to consider the Company's performance, but should not be relied upon for comparative or investment purposes.
See the table below for a reconciliation of each non-IFRS measure to its nearest IFRS measure:
Three months ended | Nine months ended | |||||||
Sept 30, 2024 | Sept 30, 2023 | Sept 30, 2024 | Sept 30, 2023 | |||||
Net loss | $ | (949,226) | $ | (1,843,108) | $ | (7,948,965) | $ | (6,819,735) |
Financing fees | 633,995 | 626,,169 | 1,955,175 | 1,601,669 | ||||
Depreciation and accretion | 134,310 | 350,136 | 554,775 | 1,119,799 | ||||
Fair value change – crypto loans (1) | (43,366) | (780,365) | 5,873,575 | 3,092,371 | ||||
Share based compensation | 62,515 | 332,330 | 325,928 | 503,063 | ||||
Foreign exchange (gain) loss | (79,012) | (97) | 106,847 | 18,414 | ||||
(Gain) loss on debt settlement | - | - | (20,000) | 5,178 | ||||
Loss (gain) on disposal of equipment | 2,607 | (18,904) | (1,090) | 7,992 | ||||
Fair value change – crypto inventory (1) | 159 | 542 | (296,673) | (12,401) | ||||
Realized gain on digital assets (1) | (373,349) | - | (2,231,135) | (374,958) | ||||
Income tax expense | - | 1,263,808 | - | 241,707 | ||||
Adjusted EBITDA | $ | (611,367) | $ | (69,489) | $ | (1,681,563) | $ | (616,901) |
Less: financing fees | (633,995) | (626,169) | (1,955,175) | (1,601,669) | ||||
Add: non-cash interest items (2) | 378,749 | 205,398 | 1,193,338 | 255,731 | ||||
Adjusted Cash Flow | $ | (866,613) | $ | (490,260) | $ | (2,443,400) | $ | (1,962,839) |
(1) Non-cash, fair value change on the revaluation of cryptocurrency loans is largely offset by revaluation changes in inventory and gains (losses) on digital assets, which are recorded in both income (if realized) and other comprehensive Income (if unrealized).
(2) Non-cash interest items include interest on cryptocurrency loans that were settled in common shares or are intended to be settled in common shares as well as non-cash interest on the line of credit where the accrued interest is added to the principal balance of the loan
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to statements in respect of: revenue growth from the Bitcoin Portal in 2024 and 2025; improving gross margins from the Online Segment; and Bitcoin Well's business plans, strategy and outlook.
Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, but not limited to the following: economic and financial conditions, volatility in the capital or credit markets; the level of demand and financial performance of the cryptocurrency and digital asset industry, the occurrence of force majeure events; the extent to which the Company is successful on gaining new long-term users or retaining existing users; developments and changes in laws and regulations, disruptions to the Company's technology network; inability to obtain financing; competitive factors; and such other factors as discussed in the "Risk Factors" section of the Company's MD&A for the year ended December 31, 2023.
Bitcoin Well actual results could differ materially from those anticipated in this forward-looking information as a result of the foregoing risk factors and other factors, many of which are beyond the control of Bitcoin Well.
Bitcoin Well believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well expectations as of the date hereof, and is subject to change after such date. Bitcoin Well disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
For more information, see the Cautionary Note Regarding Forward Looking Statements found in the Bitcoin Well MD&A.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce that following up on its aggressive plans to transition from an exploration company to a cash flow producing company by rapidly advancing its silica projects in North America and Mongolia, it has appointed, Yannis Tsitos, a professional with 35 years' international exploration mining experience and former BHP veteran, as President of the Company
Rana Vig, who to date has served both as President and CEO, owning more than 11% of the Company, will continue to provide his leadership as Chief Executive Officer.
"Strengthening our management team is a very important step in order to advance our vision of transitioning Troy Minerals from exploration to production. I'm very excited to have by my side a seasoned and well-respected Canadian mining veteran who, without a doubt, will provide tremendous value to both myself and the company," said Rana Vig, Chief Executive Officer of Troy Minerals.
"I'm thankful and very pleased to join the team at Troy at such an important period for transformational corporate milestones and significant growth. I have already been a good-size shareholder of the Company, as I believe that the critical minerals sector is now building momentum to meet the exponentially growing global demand. Troy and its projects are strategically located close to infrastructure in both Asia and North America and our management should continue working, efficiently and effectively, towards their development in order to become part of this exciting roadmap." said Yannis Tsitos, the Company's newly appointed President.
Mr. Tsitos has over 35 years of experience in the mining industry, having spent 19 of those years with the BHP Billiton group. In his time in the industry, he has worked projects in 32 countries inclusive of Mongolia, has lived and worked in South Africa, Ecuador, Greece and United Kingdom, and has been working in Canada since 2000. Originally a physicist-geophysicist, he left BHP in 2008, where he had the title of New Business Manager for Global Minerals Exploration. He has been instrumental in the identification, negotiation and execution of more than 50 exploration, joint venture, royalty, mining and commodity trading agreements over 11 different commodities with juniors, majors, as well as with state exploration and mining companies. He was the President of Goldsource Mines till its recent acquisition (July 2024) by the precious metals' producer, Mako Mining. Mr. Tsitos sits on several companies' boards as an Independent Director, has published articles in exploration and mining magazines on relevant topics and has been a strong advocate of anti-corruption policies in the mining industry.
Mr. Tsitos has also been part of two discovery teams with BHP Billiton in porphyry-copper and nickel-sulphide deposits. He holds a B.Sc. degree in Physics from the University of Athens and a master's degree in Applied Geophysics and Geology from the University of Birmingham, UK. In addition, he completed management and finance studies as part of an MBA program with Herriot Watt University, Edinburgh.
MARKETING AGREEMENT
The Company also announces that it has engaged Hillside Media & Consulting Inc., ("Hillside") located at 474 Main Street, Penticton, B.C. V2A 5C5 (email: hillsideconsultingmedia@gmail.com) to provide digital marketing services, including SEO (search engine optimization), PPC (pay per click), e-mail, YouTube, and social media channels, to increase corporate awareness. The media disseminated will be generated using publicly available information. The company will pay Hillside a cash fee of $20,000 plus applicable taxes for services expected to last for a period of approximately 30 days. The company will not issue any securities to Hillside as compensation for its marketing services. As of the date hereof, to the company's knowledge, Hillside (including its directors and officers) does not own any securities of the company and has an arm's-length relationship with the company.
ON BEHALF OF THE BOARD
Rana Vig | CEO & Director
604-218-4766
rana@ranavig.com
ABOUT Troy Minerals Inc.
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), vanadium and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to ultimately deliver tangible monetary value to shareholders, state, and local communities.
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE:Troy Minerals Inc.
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Troy Minerals Inc. ("Troy" or the "Company") (CSE:TROY)(OTCQB:TROYF)(FSE:VJ3) is pleased to announce a significant milestone in its ongoing development of the Tsagaan Zalaa Silica Project in Mongolia. With the next phase of drilling now underway, the Company aims to complete the minimum 1,000 meters cumulative drill program, the required threshold for its mining license submission. It should be noted that the silica mineralization at Tsagaan Zalaa is either outcropping or sub-outcropping, resulting is relatively shallow drilling campaigns. The Company expects to complete drilling before year-end, setting the stage for Troy's mining license submission
Located strategically near the Mongolian-Chinese border, the Tsagaan Zalaa Silica Project continues to present robust opportunities for growth in the silica sector, driven by rising demand from green technology and other high-tech industries. The Company remains focused on delivering the necessary operational milestones, aligning with its commitment to achieving first production in the coming year.
"This additional drilling is a critical step in advancing Tsagaan Zalaa to the production stage," said Rana Vig, President and CEO of Troy Minerals. "By meeting the requirements for our mining license, we will continue progressing towards our goal of production in 2025, ultimately generating substantial value for our stakeholders and contributing to the global supply of high-purity silica for green technologies."
Project Development Milestones:
Drilling Completion: The completion of the 1,000 meters drill program is expected to be reached by the end of 2024, with this phase concluding the final project technical geological studies essential for license submission.
Environmental Studies Completed: Project environmental field studies, inclusive of archaeological and paleontological studies have successfully been completed in October 2024. Thus, final environmental reports are in progress.
Mining License Application: Completion of this targeted drilling in association with already completed trenching, sampling and geological mapping, will facilitate the mining license application, anticipated to be submitted promptly, allowing Troy to transition into the production stage within 2025.
Strategic Project Positioning: The Tsagaan Zalaa project's proximity to a Japanese-operated silica mine underscores its favorable location to supply Asia's burgeoning high-purity silica market.
With these advancements, Troy Minerals reaffirms its commitment to establish itself as a leading supplier in the silica industry, serving the needs of rapidly growing green energy and advanced technology sectors. The Company's operational focus on Tsagaan Zalaa strengthens its strategic objective to establish itself as a supplier of high-purity silica and target production by H2 2025.
ON BEHALF OF THE BOARD
Rana Vig | President & CEO
604-218-4766
rana@ranavig.com
ABOUT Troy Minerals Inc.
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), vanadium and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to ultimately deliver tangible monetary value to shareholders, state, and local communities.
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
SOURCE:Troy Minerals Inc.
News Provided by ACCESSWIRE via QuoteMedia
Forward Water Technologies Corp. ("FWTC" or the "Company") (TSXV:FWTC) is pleased to announce that the Company has arranged a shares for debt transaction to settle an aggregate of $9,453.40 in interest accrued up to September 30, 2024 on $300,000 of indebtedness with GreenCentre Canada (the "Indebtedness
The shares for debt settlement is pending final approval from the TSX Venture Exchange (TSXV) which will be followed by the Company issuing 115,285 common shares ("Settlement Shares") at a deemed price of $0.082 per share to GreenCentre Canada. The terms of the Indebtedness permits the issuance of common shares to settle interest owing by the Company at a deemed issue price per share equal to the five day average closing price for the five days preceding the issuance of the shares and subject to TSXV approval pursuant to TSXV Policy 4.3 - Shares for Debt.
The 115,285 Settlement Shares are being issued subject to prospectus exemptions available pursuant to Canadian securities law and will be subject to a four month hold period which will expire on March 2, 2025.
About Forward Water Technologies Corp.
Forward Water Technologies Corp. (TSX.V: FWTC) is a publicly traded Canadian company dedicated to saving the earth's water supply using its patented Forward Osmosis technology. FWTC was founded by GreenCentre Canada, a leading technology innovation centre supported by the government of Canada. FWTC's technology allows for the reduction of challenging waste streams simultaneously returning fresh water for re-use or surface release. FWTC's mandate is to focus on the large-scale implementation of its technology in multiple sectors, including industrial wastewater, oil and gas, DLE, mining, agriculture and ultimately municipal water supply and re-use market sectors.
FWTC has immediate plans to treat brine from the direct lithium extraction (DLE) sector using its mobile pilot equipment this summer in conjunction with its partners. This project will establish FWTC's iFOTM technology as a valuable component in producing lithium carbonate from aquifer sourced brines for use in applications such as electric vehicle (EV) battery production.
In addition, FWTC has initiated early-stage R&D for the treatment of food and beverage process streams.
For more information, please visit www.forwardwater.com.
Contact Information:
Forward Water Technologies Corp.
C. Howie Honeyman, Chief Executive Officer
E-mail: howie.honeyman@forwardwater.com
Telephone: (519) 333-5888
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Caution Concerning Forward Looking Information
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends" "expects" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning the potential for future issuances of shares for interest. FWTC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of FWTC, including those described in FWTC's disclosure documents available on SEDAR+ at www.sedarplus.ca. The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of FWTC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and FWTC does not undertake to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
SOURCE: Forward Water Technologies Inc.
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(TheNewswire)
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Edmonton, Alberta TheNewswire - November 4, 2024 Bitcoin Well Inc. (" Bitcoin Well " or the " Company ") ( TSXV: BTCW; OTCQB: BCNWF ), the non-custodial bitcoin business on a mission to enable independence, announces +18% month over month growth in their active user rate, while processing nearly 5,000 revenue generating transactions, the highest number on the Bitcoin Portal in a single month.
In October, the Company achieved 1,529 active users, signalling 18% growth over September. This is a 23% increase from July 2024 and over 260% year over year.
Further, the Company now has over 5,280 customers that have made at least 1 revenue generating transaction on the Bitcoin Portal in the last 12 months. This is a yearly active user rate of roughly 20%. In other words, 1 in 5 customers that make a Bitcoin Well account make at least one transaction throughout the year, many of them making multiple in a 12 month period.
We are hopeful to see this trend and the high customer retention rate continue, which becomes more impactful as we continue to add more customer registrations each month. The Company added nearly 2,000 new customer registrations in the month of October for a total of nearly 27,000 total customer registrations currently signed up on the Bitcoin Portal as at the end of October.
"When you compare our monthly active user rate against our yearly active user rate you can really see how the Bitcoin Portal is positioned to grow," said Adam O'Brien, founder and CEO of the Company. "I think it's a testament to the fact that we have built an incredible platform that makes bitcoin in self custody easy to use. Word is getting out about our self custody bitcoin platform and we're ready to scale!"
About Bitcoin Well
Bitcoin Well is on a mission to enable independence. We do this by making bitcoin useful to everyday people to give them the convenience of modern banking and the benefits of bitcoin. We like to think of it as future-proofing money. Our existing Bitcoin ATM and Online Bitcoin Portal business units drive cash flow to help fund this mission.
Join our investor community and follow us on Nostr , , and to keep up to date with our business.
Bitcoin Well contact information
To book a virtual meeting with our Founder & CEO Adam O'Brien please use the following link: https://bitcoinwell.com/meet-adam
For additional investor & media information, please contact:
Adam O'Brien
Tel: 1 888 711 3866 - ir@bitcoinwell.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release .
Forward-looking information
Certain statements contained in this news release may constitute forward-looking information, which is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", or the negative thereof and similar expressions. All statements herein other than statements of historical fact constitute forward-looking information including, but not limited to, statements in respect of Bitcoin Well's business plans, strategy and outlook. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, but not limited to, the risk factors described in Bitcoin Well's annual information form and management's discussion and analysis for the year ended December 31, 2023. Forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents Bitcoin Well's expectations as of the date hereof and is subject to change. Bitcoin Well disclaims any intention or obligation to revise any forward-looking information, except as required by applicable securities legislation.
Copyright (c) 2024 TheNewswire - All rights reserved.
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