Wellfield Technologies Inc. (TSXV:WFLD) signed a non-binding letter of intent to enter into an agreement to acquire TradeWind Markets, Inc. on December 21, 2022. A due diligence review of TradeWind Markets are in the preliminary stages and if acceptable to Wellfield Technologies, it is anticipated that Wellfield Technologies will acquire all issued and outstanding securities of TradeWind in exchange for an aggregate of approximately 15 million securities of Wellfield. Wellfield expects to reach a definitive agreement to acquire TradeWind within 30 days of the signing of the LOI.

Wellfield Technologies Inc. signed a definitive agreement to acquire TradeWind Markets, Inc. for approximately CAD 5.8 million on January 23, 2023. Under the definitive agreement, Wellfield Technologies will acquire all issued and outstanding securities of Tradewind in exchange for 15,166,667 units of Wellfield Technologies representing an agreed upon value of approximately CAD 5.8 million. Each Unit is comprised of one common share without par value in the capital of Wellfield and one purchase warrant to purchase a common share.

Closing of the transaction is subject to receipt of applicable regulatory approvals and third-party consents, including the approval of the TSXV and closing conditions customary for transactions of this nature, on or before March 31, 2023. Shareholder approval is not required for the transaction.