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EDMONTON, Alberta, Sept. 03, 2021 (GLOBE NEWSWIRE) -- Richard Gauthier, an insider of Bitcoin Well Inc. (formerly Red River Capital Corp.) (the "Company") today announced that he has filed an early warning report (the "Early Warning Report") under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the closing of the previously announced Qualifying Transaction (the “Qualifying Transaction”) (as defined by Policy 2.4 of the TSX Venture Exchange (the “TSXV”)).
The Qualifying Transaction was completed by way of three cornered amalgamation, pursuant to which, among other things, the Company issued approximately 156,364,320 common shares in the capital of the Company (the “Common Shares”) to the shareholders of 1739001 Alberta Ltd. (“Old Bitcoin Well”), at a deemed price of $0.25 per Common Share.
Upon completion of the Qualifying Transaction, the Company had a total of 162,879,500 Common shares issued and outstanding on a non-diluted basis, with approximately 96% of the Common Shares held by Old Bitcoin Well shareholders and approximately 4% of the Common Shares held by former Red River Capital Corp. shareholders. 76,037,374 Common Shares are held in escrow pursuant to a TSXV - Tier 2 Surplus Escrow Agreement and 25,567,413 Common Shares are held in escrow pursuant to a TSXV – Tier 2 Value Escrow Agreement.
As part of the Qualifying Transaction, Mr. Gauthier acquired ownership and direction or control over an aggregate of 25,567,413 Common Shares.
As a result of the Qualifying Transaction, Mr. Gauthier has ownership and control over 15.7% of the issued and outstanding Common Shares.
Prior to the completion of the Qualifying Transaction, Mr. Gauthier did not, directly or indirectly, own any securities of the Company. Mr. Gauthier does not have any plans to acquire or dispose of additional securities of the Company. However, both Mr. Gauthier may acquire additional securities of the Company, dispose of some or all of the existing or additional securities they he holds or will hold, or may continue to hold his current positions, depending on market conditions, reformulations, and / or other relevant factors.
The Company’s head office address is located at 10142 -82 Avenue N.W,, Edmonton, Alberta T6E 1Z4.
A copy of the Early Warning Report filed by Mr. Gauthier will be available under the Company's profile on SEDAR at www.sedar.com.
For investor information, please contact:
10142 82 Avenue NW
Edmonton, AB T6E 1Z4
Adam O’Brien, Founder & CEO
Mandy Johnston, CFO
Tel: 1 888 711 3866
For media queries and further information, please contact:
Karen Smola, Director of Marketing