Spirit Blockchain Capital and Vesta Equity Announce Strategic Mutual Investment

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VANCOUVER, British Columbia, March 12, 2024 (GLOBE NEWSWIRE) -- Spirit Blockchain Capital Inc. (the “Company” or “Spirit”) (CSE: SPIR), a leader in blockchain and digital asset investments, and Vesta Equity Inc. ("Vesta Equity"), a pioneer in the tokenization of residential equity, jointly announce, that Spirit and Vesta Equity have entered into an agreement for Spirit to make a strategic investment in Vesta Equity. With this investment, Spirit and Vesta Equity intend to collaborate on initiatives focused on innovating the real estate investment sector, enhancing the scope of investment options, and introducing novel opportunities for asset owners and investors.

Vesta Equity's innovative platform is engineered to allow property owners to access their equity without resorting to debt. It offers an opportunity for both individual and institutional investors to purchase tokens that represent equity in residential properties directly. This model not only facilitates property appreciation and additional income through coupons and dividends but also enables the construction of diversified real estate portfolios akin to stock investments.

Lewis Bateman, CEO of Spirit, articulated his enthusiasm for the partnership, stating, "Our collaboration with Vesta Equity is more than strategic; it's transformative. We stand on the brink of unlocking tremendous value in the real estate sector through tokenization, perfectly aligning with our pioneering vision in the digital asset arena."

Echoing Bateman's sentiments, Michael Carpentier, Co-Founder and CEO of Vesta Equity, highlighted the alliance's transformative impact: "In partnership with Spirit Blockchain Capital, we are set to modernize the interaction between homeowners and investors in real estate equity. Our platform democratizes access to real estate investment, offering direct, transparent, and fractionalized investment opportunities, thus providing liquidity and exceptional risk-adjusted returns."

Under the investment, Spirit will acquire 270,727 common shares of Vesta Equity, which is equal to 2% of its issued and outstanding common shares. Spirit will in turn issue 2,054,722 common shares to Vesta Equity on a private placement basis at a deemed price of approximately $0.085 per share. The common shares to be issued to Vesta Equity will be subject to statutory resale restrictions for a period of four months and one day from issuance. The investment is subject to acceptance by the Canadian Securities Exchange.