Spirit Blockchain Capital Announces Shares For Services Issuance

Executive Summary

• Spirit Blockchain Capital Inc. announced the issuance of 7,220,000 common shares to consultants and strategic advisors to settle outstanding service obligations.
• The equity settlement carries an aggregate value of $429,527, calculated at a deemed average price of $0.0595 per share.
• The transaction is designed to eliminate short-term liabilities without depleting cash reserves, thereby strengthening the company's balance sheet and aligning advisor interests with shareholders.

Key Details

• Shares Issued: 7,220,000 common shares
• Deemed Price: $0.0595 per share
• Aggregate Value: $429,527
• Purpose: Settlement of services rendered (strategic, operational, marketing, business development, and advisory services) via equity instead of cash
• Financial Impact: Reduces outstanding current liabilities, preserves cash reserves, and strengthens overall balance sheet position
• Regulatory/Exchange Conditions: Issued pursuant to applicable securities law exemptions and subject to Canadian Securities Exchange policies
• Hold Period: All securities subject to a statutory hold period of four months and one day
• Strategic Context: Issuance follows a recent change in management and aligns with recent financing initiatives, reflecting renewed stakeholder confidence in the company's strategic direction

Notable Quotes

• "Our focus has been to strengthen the foundation of the business while positioning Spirit for long-term growth... Crucially, this capital-efficient approach allows us to eliminate short-term liabilities without depleting our working capital, directly improving our balance sheet health and giving us greater financial flexibility to pursue high-growth opportunities." — Raymond O'Neill, Interim Chief Executive Officer