Spirit Blockchain Capital Issues Shares for Services

Spirit Blockchain Capital Inc., a Canadian public company, has announced board approval for issuing common shares to certain consultants and advisors. This compensation recognizes their strategic contributions to the company. The issuance involves 7,220,000 shares at an average price of $0.0595, totaling $429,527. By opting for equity issuance, Spirit intends to reduce liabilities and preserve cash reserves, thereby strengthening its balance sheet.

Raymond O'Neill, Interim CEO, stated this approach aligns advisors’ interests with shareholders. He emphasized enhanced financial flexibility and alignment with the company's strategy. The issuance is part of Spirit's broader shift towards monetizing technology assets and leveraging existing infrastructure for revenue opportunities.

These shares are subject to a statutory hold period of four months plus one day. They will be issued under securities law exemptions. The strategy reflects a renewed stakeholder confidence following recent management changes, aiming to support long-term growth.