Spirit Blockchain Capital Inc. Announces Non-Brokered Private Placement


VANCOUVER, British Columbia, March 06, 2024 (GLOBE NEWSWIRE) -- Spirit Blockchain Capital Inc. (the “Company” or “Spirit”) (CSE: SPIR), is pleased to announce that it intends to raise up to $2,500,000 through a non-brokered private placement (the “Offering”) of up to 10,000,000 units (“Units”) at a price of $0.05 per Unit and up to $2,000,000 total principal amount of $1,000 convertible promissory notes (“Notes”).

Each Unit will consist of one common share of Spirit (each, a “Common Share”) and one half of ‎one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will be ‎exercisable into one Common Share for a period of 24 months at an exercise price of $0.18 per ‎Common Share.‎

The Notes will mature three (3) years from the ‎date of issuance (the “Maturity Date”) and bear interest at a rate of 7.5% per annum. The Notes will be convertible into Common Shares at the option ‎of the holders thereof and in accordance with their terms at a conversion price of $0.18 per Common Share for the first eighteen (18) months following issuance and a conversion price of $0.24 per Common Share thereafter.‎‎

Spirit will use the net proceeds of the Offering for revenue-generating lending and streaming ‎arrangements or investment into Blockchain-focused equities, and for general and ‎administrative expenses. The Offering is subject to acceptance by the Canadian Securities Exchange.

About Spirit Blockchain Capital

Spirit Blockchain Capital Inc. is a leading investment company at the forefront of the blockchain industry. Through our operational business line and asset management business, we provide investors with a range of opportunities for capital appreciation. With a strong focus on innovation, strategic investments, and operational excellence, Spirit Blockchain Capital Inc. is poised to unlock the potential of the digital economy.

For media inquiries, please contact:

Lewis Bateman
Chief Executive Officer
info@spiritblockchain.com

Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information within ‎the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, ‎‎“continue”, “estimate”, “objective”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” ‎and similar expressions are intended to identify forward-looking information or statements. The ‎forward-looking statements and information are based on certain key expectations and ‎assumptions made by the Company. Although the Company believes that the expectations and ‎assumptions on which such forward-looking statements and information are based are ‎reasonable, undue reliance should not be placed on the forward-looking statements and ‎information because the Company can give no assurance that they will prove to be correct. ‎Since forward-looking statements and information address future events and conditions, by their ‎very nature they involve inherent risks and uncertainties. Actual results could differ materially ‎from those currently anticipated due to a number of factors and risks. Factors that could ‎materially affect such forward-looking information are described under the heading “Risk ‎Factors” in the Company’s long form prospectus dated August 8, 2022, that is available on the ‎Company’s profile on SEDAR+ at www.sedarplus.ca. The Company undertakes no obligation to ‎update forward-looking information except as required by applicable law. Such forward-looking ‎information represents managements’ best judgment based on information currently available. ‎No forward-looking statement can be guaranteed and actual future results may vary materially. ‎Accordingly, readers are advised not to place undue reliance on forward-looking statements or ‎information.‎

The CSE has not reviewed, approved or disapproved the content of this press release.‎