Spirit Blockchain Capital Inc. (CNSX:SPIR) entered into of a non-binding letter of intent to acquire Troon Technologies, Inc. on June 16, 2023. Spirit Blockchain Capital Inc. (CNSX:SPIR) executed the definitive agreement to acquire Troon Technologies, Inc. on July 31, 2023. Pursuant to the agreement, the Company will acquire 10% of the outstanding shares of Troon at the aggregate price of $370,000 or in the form of common shares of the Company?s. Following the initial acquisition, the Company commits to purchasing the remaining 90% of Troon?s outstanding shares over the period of 3 years with 30% by July 31, 2024, 30% by July 31, 2025 and 30% by July 31, 2026.

The pricing for each tranche of the additional share acquisition will be determined based on the effective growth rate of the ongoing business developed by Troon, with a minimum growth rate of 20% per year. Troon Technologies generated $2,148,127 in consolidated revenue for the year ended December 31, 2022.. The completion of the Transaction is subject to customary closing conditions and regulatory approvals.