Spirit Blockchain Capital Inc. announced a non brokered private placement to issue units at an issue price of CAD 0.05 per unit and 7.5% EOS Network Ventures unsecured convertible promissory notes for the gross proceeds of CAD 1,000 per note on December 5, 2023. Each Unit consists of one common share 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 CAD 0.18 per Common Share. The transaction will include participation from new investor EOS Network Ventures and other unnamed backers. The notes will mature three (3) years from the date of issuance and bear interest at a rate of 7.5% per annum and the Notes purchased by investor will mature one year from the date of issuance and bear interest at a rate of 10% per annum, which shall be reduced to 7.5% upon company's completion of a CAD 10,000,000 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. Pursuant to the transaction, EOS Network Ventures will join the company?s board of directors and actively participating in the company?s investment committee..

On the same date, the company announced that it has issued 272,300 Units at an issue price of CAD 0.05 per unit for the gross proceeds of CAD 13,615 and 1,054.46 Notes at an issue price of CAD 1,000 per note for the gross proceeds of CAD 1,054,460; aggregate gross proceeds of CAD 1,068,075 in the second tranche. 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.