Mr. Lewis Bateman reports

SPIRIT BLOCKCHAIN CAPITAL CLOSES INITIAL TRANCHE OF PRIVATE PLACEMENT

Spirit Blockchain Capital Inc. has closed the first tranche of its previously announced non-brokered private placement of units and convertible promissory notes for aggregate gross proceeds of $550,000. Under the initial tranche, Spirit Blockchain issued and sold 2.2 million units at a price per unit of five cents per unit for proceeds of $110,000 and $440,000 principal amount of notes. Each unit consists of one common share of Spirit Blockchain and one-half of one common share purchase warrant. Each warrant is exercisable to acquire one common share for a period of 24 months at an exercise price of 18 cents per common share.

The notes mature three years from the date of issuance and bear interest at a rate of 7.5 per cent per annum. The notes are convertible into common shares at the option of the holders thereof and in accordance with their terms at a conversion price of 18 cents per common share for the first 18 months following issuance and a conversion price of 24 cents per common share thereafter. The notes are general unsecured obligations of the company.

The securities issued under the offering are subject to a statutory hold period lasting four months and one day following the date of issuance.

Spirit Blockchain intends to use the net proceeds of the offering for revenue-generating lending and streaming arrangements or investment into blockchain-focused equities, and for general and administrative expenses.

The completion of the offering is subject to certain conditions, including, but not limited to, the receipt of all required regulatory approvals, including final approval of the Canadian Securities Exchange.

The company also wishes to announce that Denis Silva has resigned as a director 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, the company 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.

We seek Safe Harbor.