Mr. Lewis Bateman reports

SPIRIT BLOCKCHAIN CAPITAL SECURES MAJOR FUNDING ROUND FROM EOS NETWORK VENTURES AND PROMINENT INVESTORS

Spirit Blockchain Capital Inc. has closed its latest financing round, marked by a substantial investment from EOS Network Ventures, the venture capital arm of the third-generation enterprise-grade blockchain protocol. The round also saw participation from other major financing partners, cementing Spirit Blockchain's position as an innovative player in the rapidly evolving blockchain and tokenization ecosystem.

This strategic investment by ENV is a landmark development for Spirit Blockchain as it underscores a strong vote of confidence from one of the key players in the blockchain industry. ENV's participation in the financing round not only validates Spirit Blockchain's vision and business model, but also signifies a significant step forward in fostering collaboration between traditional finance and the blockchain sector.

"We are excited to announce the successful closure of our recent funding round, which was made possible by the support of ENV and other esteemed funding partners," said Lewis Bateman, chief executive officer at Spirit Blockchain. "This strategic investment provides us with the necessary capital to accelerate our growth and establishes a meaningful partnership with a key player in the blockchain space."

Active participation from EOS Network Ventures: a new chapter of collaboration

In addition to the financial investment, ENV will take an active role in Spirit Blockchain's strategic direction. Going forward, ENV will be represented on the board, securing a board seat and actively participating in the company's investment committee. This collaborative approach will bring a wealth of expertise and insights from ENV and the non-profit behind the leading delegated proof-of-stake Layer 1 blockchain, ensuring a synergistic relationship beyond traditional financing.

"We are honoured to welcome EOS Network Ventures to our board and investment committee. Their active participation reflects a commitment to deepening our collaboration and leveraging their strategic expertise in shaping the future of blockchain," commented Raymond O'Neill, chairman of Spirit Blockchain.

Spirit Blockchain has consistently demonstrated its commitment to identifying and nurturing innovative blockchain projects with transformative potential. The financing secured in this round, coupled with the active involvement of ENV and the recent partial acquisition of technology solutions provider Troon Technologies, positions the company for continued success.

"We are impressed by Spirit Blockchain Capital's dedication to fostering innovation and driving positive change within the blockchain industry," said Yves La Rose, director of the ENV and chief executive officer of the EOS Network Foundation. "This investment, coupled with active participation on the board and investment committee, reflects our confidence in their ability to navigate the evolving landscape and contribute to the advancement of blockchain technology."

Spirit Blockchain expresses its gratitude to all financing partners which contributed to the success of this round. The company is poised to leverage this influx of capital to expand its portfolio, explore strategic partnerships, and continue driving innovation in the blockchain and tokenization space.

The offering

The offering is the second tranche of Spirit Blockchain's previously announced non-brokered private placement consisting of units of Spirit Blockchain at a price of five cents per unit and $1,000 convertible promissory notes of Spirit Blockchain. Each unit consists of one common share of Spirit Blockchain and one-half of one common share purchase warrant. Each warrant is exercisable into one common share for a period of 24 months at an exercise price of 18 cents per common share.

The notes (with the exception of the notes purchased by ENV) mature three years from the date of issuance and bear interest at a rate of 7.5 per cent per annum. The notes purchased by ENV will mature one year from the date of issuance and bear interest at a rate of 10 per cent per annum, which shall be reduced to 7.5 per cent upon Spirit Blockchain's completion of a $10-million equity financing. The notes are convertible into common shares at the option of the holders thereof and in accordance with their terms. Additionally, the ENV notes shall automatically convert into common shares upon achievement of the milestone.

A total of 272,300 units and 1,054.46 notes were issued under the offering. The securities issued under the offering are subject to a statutory hold period lasting four months and one day following the date of issuance. The notes are general unsecured obligations of the company.

About Spirit Blockchain Capital Inc.

Spirit Blockchain is a leading investment company at the forefront of the blockchain industry. Through its operational business line and asset management business, it provides investors with a range of opportunities for capital appreciation. With a strong focus on innovation, strategic investments and operational excellence, Spirit Blockchain is poised to unlock the potential of the digital economy.

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