Wellfield Technologies Inc. (TSXV:WFLD) signed a definitive agreement to acquire New Bit Ventures Ltd. for $38.4 million on March 24, 2022. Pursuant to the Definitive Agreement and subject to customary closing adjustments, Wellfield will acquire all of the issued and outstanding securities of New Bit Ventures in exchange for total aggregate consideration of $3 million payable in cash and the issuance of 22,988,467 common shares in the capital of Wellfield. In the year ending 2021, New Bit Ventures generated revenues of $130 million. Upon completion New Bit Ventures will become a wholly owned subsidiary of Wellfield. The transaction is subject to regulatory and customary closing condition and third party approval.

Wellfield Technologies Inc. (TSXV:WFLD) completed the acquisition of New Bit Ventures Ltd. on May 27, 2022.