Leonovus Inc. to acquire Tradewind Markets via reverse takeover

Company

Wellfield Technologies Inc.

Law Firm / Organization
Bennett Jones LLP

Company

Leonovus Inc.

Law Firm / Organization
DS Lawyers Canada LLP

On September 5, 2024, Leonovus Inc. (TSXV: LTV) signed a definitive agreement to acquire Tradewind Markets Inc., a subsidiary of Wellfield Technologies Inc. (TSXV: WFLD), in a reverse takeover (RTO). The transaction will involve Leonovus issuing 444,444,444 pre-consolidated shares to Wellfield, which will result in Wellfield owning 70.6% of the newly named "Tradewind Markets Inc." post-RTO. This name change reflects the new company’s focus on digitized gold ownership and blockchain-based trading services.

Leonovus is also planning a private placement for gross proceeds of $4-6 million, led by Research Capital Corporation. Tradewind Markets, through its VaultChain™ Gold and Silver products, has already digitized CDN$170 million in physical metal. The RTO is expected to close by late 2024.

The deal is contingent on several approvals, including TSX Venture Exchange (TSXV) and shareholder approvals. Bennett Jones LLP advised Wellfield, and DS Lawyers Canada LLP represented Leonovus.

Merger & Acquisition
Tech/Computer/IT
Undisclosed/Confidential
Active