Spirit Blockchain Capital Inc. Announces Shares for Services Issuance and Provides Technology Commercialization Update
Rhea-AI Summary
Spirit Blockchain Capital (CSE:SPIR, OTCQB:SBLCF) has approved issuing 4,300,300 common shares at a deemed price of $0.05 per share, for an aggregate value of $215,015, to settle amounts owing for previously provided services. The obligations relate to corporate and operational support, management and advisory work, technology development, and investor relations services.
According to Spirit, 600,000 shares will go to a non-arm's-length party and 3,700,300 shares to arm's-length contractors and service providers. The non-arm's-length issuance is a related party transaction under MI 61-101, but the company is using exemptions from formal valuation and minority approval because the fair market value does not exceed 25% of its market capitalization. The shares are expected to be issued effective August 27, 2026, subject to regulatory requirements, and will carry a statutory hold period until December 28, 2026. Spirit states the equity settlement will reduce current liabilities without using cash, supporting working capital as it advances technology development and moves toward commercial deployment.
Positive
- 4,300,300 shares issued to settle $215,015 of service obligations
- Equity settlement preserves cash while reducing current liabilities by $215,015
- Only 600,000 shares of the issuance are to a non-arm's-length party
- Statutory hold period until December 28, 2026 may limit immediate selling pressure
Negative
- Issuance of 4,300,300 new shares represents equity dilution for existing shareholders
- Related party component of 600,000 shares may raise governance and transaction-scrutiny considerations
News Explained
The approved service settlement would preserve cash but increase shares and reduce existing holders’ percentage ownership; commercialization remains milestone-dependent.
Spirit Blockchain Capital has approved issuing
If issued as described, the additional shares would increase the total share count and reduce existing holders’ percentage ownership under the supplied definition of dilution, while settling the service obligations without using cash.
Market entry and commercial deployment are targeted following upcoming corporate milestones, so the update describes continued development and preparation rather than a completed commercialization phase.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESS Newswire / August 27, 2026 / Spirit Blockchain Capital Inc. (CSE:SPIR)(OTCQB:SBLCF) ("Spirit" or the "Company") announces that its Board of Directors has approved the issuance of an aggregate of 4,300,300 common shares of the Company (the "Shares") at a deemed price of
The amounts owing relate primarily to corporate and operational support, management and advisory services, technology development and related technical services, as well as investor relations and communications services. Of the Shares, 600,000 will be issued to a non-arm's-length party and 3,700,300 to arm's-length contractors and service providers.
The issuance to the non-arm's-length party constitutes a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority shareholder approval requirements under sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the related party transaction does not exceed
The Shares are expected to be issued effective August 27, 2026, subject to applicable regulatory requirements and the policies of the Canadian Securities Exchange (the "CSE").
The Shares will be subject to applicable resale restrictions, including a statutory hold period expiring December 28, 2026, as required under applicable securities laws and CSE policies.
Strengthening the Balance Sheet
The issuance allows the Company to satisfy
Operational & Strategic Update
Spirit continues to advance its underlying technology in step with its broader corporate strategy. Development efforts remain focused on platform optimization and functionality enhancements.
As part of the Company's multi-phase corporate evolution, market entry and commercial deployment are targeted following upcoming corporate milestones. Additional details regarding product functionality, strategic branding, and commercialization plans will be released in due course.
"Our focus is shifting toward commercial execution," said Suha Askary, Chief Executive Officer of Spirit. "As we prepare to introduce the technology solutions and next-generation capabilities in alignment with our corporate roadmap the objective is to bring the technology to market, build adoption and establish a foundation for revenue generation."
The Company expects to provide further updates as it progresses through its upcoming corporate milestones and advances toward commercial deployment of its technology.
About Spirit Blockchain Capital
Spirit Blockchain Capital Inc. is a Canadian-based publicly listed company focused on providing shareholders with exposure to the blockchain and digital asset economy. The Company is engaged in the business of developing, acquiring, operating and managing technology solutions, artificial intelligence, blockchain infrastructure and assets, and invests in emerging blockchain ventures and opportunities.
For further information, please contact:
Suha Askary
Chief Executive Officer
Spirit Blockchain Capital Inc.
Email: info@spiritblockchain.com
Phone: +1 604 757-0331
Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.
Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Factors that could materially affect such forward-looking information are described under the heading "Risk Factors" in the Company's long-form prospectus dated August 8, 2022, that is available on the Company's profile on SEDAR+ at www.sedarplus.ca. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents managements' best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the content of this news release.
SOURCE: Spirit Blockchain Capital Inc.
View the original press release on ACCESS Newswire