Spirit Blockchain Capital Inc. announced a non-brokered private placement of up to 10,000,000 units at a price of CAD 0.05 per unit for the gross proceeds of CAD 500,000 and up to 2,000 convertible promissory notes at a price of CAD 1,000 per note in the principal amount of CAD 2,000,000 for the gross proceeds of CAD 2,000,000; for total gross proceeds of CAD 2,500,000 on March 6, 2024. Each Unit will consist of one common share and one half of one common share purchase warrant. Each Warrant will be exercisable into one Common Share for a period of 24 months at an exercise price of CAD 0.18 per Common Share.

The notes will mature three years from the date of issuance 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 CAD 0.18 per common share for the first eighteen months following issuance and a conversion price of CAD 0.24 per Common Share thereafter. The Offering is subject to acceptance by the Canadian Securities Exchange.