Toronto, Ontario--(Newsfile Corp. - August 21, 2024) - Wellfield Technologies Inc. (TSXV: WFLD) (the "Company" or "Wellfield") is pleased to announce that, further to the Company's June 3, 2024 news release (the "Original News Release"), the Company has decreased the aggregate indebtedness to be settled (the "Debt Settlement") through the issuance of common shares in the capital of the Company (the "Common Shares") to $676,970 (the "Debt") through the issuance of 11,043,395 Common Shares (the "Settlement Shares").

As previously announced in the Original News Release, the Settlement Shares will be issued to satisfy the Company's outstanding debt related to the principal and accrued but unpaid portions of the interest payments outstanding under certain convertible debentures of the Company (the "Debentures") as well as certain payables for consulting services provided to the Company (the "Consulting Payables"). The Settlement Shares are proposed to be issued to the creditors at a deemed price of $0.06 per Settlement Share with respect to the Debentures and $0.0714 per Settlement Share with respect to the Consulting Payables. The Settlement Shares issued pursuant to the Debt Settlement shall be subject to the statutory hold period of four months and one day, and the Debt Settlement remains subject to the final approval of the TSX Venture Exchange (the "TSXV").

About Wellfield Technologies

Wellfield is an R&D focused Fintech company that operates on public blockchains including Bitcoin and Ethereum. The Company operates a regulated platform that onboards customers globally at scale, leveraging its proprietary decentralized technology to offer highly disruptive on-chain self-custody solutions. Wellfield operates through two brands: Coinmama, which with a growing base of more than 3.5 million registered users, is one of the most trusted and enduring global brands operating in the crypto space; and Wellfield Capital, which the Company announced in late 2022 to meet the needs of institutional users and professional investors.

Join Wellfield's digital community on LinkedIn and Twitter, and for more details, visit wellfield.io

Cautionary Notice on Forward-Looking Statements

This news release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. Forward-looking information in this news release includes statements regarding the approval of the TSX Venture Exchange of the transactions contemplated herein, which are based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause the Company's actual performance and results in to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to the Company satisfying the conditions for TSX Venture Exchange approval of the transactions herein; and general business, financial market, economic, competitive, political and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated. Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the disclosure documents accessible on the Company's SEDAR+ profile at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. 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. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) has approved nor disapproved the contents of this news release, nor do they accept 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/220732