Spirit Blockchain Completes Debt Settlement and Shares for Services Transaction

Vancouver, British Columbia, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Spirit Blockchain Capital Inc. (CSE: SPIR) (the “Company” or “Spirit”) a leading digital asset investment firm‎, announces the following corporate updates:

Debt Settlement

The Company has settled outstanding indebtedness (the “Debt Settlement”) of the Company in the aggregate amount of ‎$36,500.00 (the “Debt”), pursuant to the terms of a debt settlement agreement with an arm’s length creditor (the “Creditor”). In settlement of the Debt, the Company has issued $18,250.00 in cash and an aggregate of ‎456,250‎ common shares in the capital of the Company (the “Common Shares”) to the Creditor at a price of $0.04 per Common Share.

Shares for Services Transaction

The Company has also issued an aggregate of ‎1,025,000‎ Common Shares at a price of $0.05 per Common Share to certain directors of the Company (the “Shares for Services”) . The Shares for Services have been issued in lieu of cash payments for services rendered pursuant to consulting agreements whereby these individuals provided various management services to the Company. The foregoing consulting services will be disclosed in the Company’s applicable financial statements.

The issuance of Shares for Services to Raymond O’Neill, Erich Perroulaz, and Lewis Bateman,‎ each a director of the Company, (collectively, the “Related Parties”), will each be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security holders in Special Transactions (“MI 61-101“). The issuance of Shares for Services, as it relates to the Related Parties, is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101.

None of the securities to be issued in connection with the Debt Settlement or Shares for Services have been or will be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act.

On Behalf of the Board of Directors

Lewis Bateman

Chief Executive Officer

About Spirit Blockchain Capital

Spirit Blockchain Capital is a leading digital asset investment firm focused on capital appreciation and alpha generation. With a commitment to active management and a risk-based approach to digital asset allocation, the company seeks to deliver superior returns to its clients. Spirit Blockchain Capital leverages its deep industry expertise and strategic partnerships to stay at the forefront of the ever-evolving digital asset landscape.