Spirit Blockchain Capital Inc. and Troon Technologies have signed a non-binding letter of intent (LOI) outlining the potential acquisition of Troon Technologies by Spirit. This partnership marks an important milestone in their shared mission of innovation and growth in the digital asset and technology sectors.

The LOI serves as a crucial step in establishing mutual understanding and will pave the way for successful negotiations and execution of the purchase agreement. The strategic partnership between Spirit and Troon Technologies will combine their strengths, positioning them at the forefront of the industry.

Upon completion of the transaction, Spirit will acquire Troon Technologies, bringing together their expertise, resources, and market presence. This collaboration is set to unlock new opportunities, enhance market positioning, and drive groundbreaking solutions. The goal is to foster collaboration and integration, ensuring a seamless transition and the realization of synergistic benefits.

The Transaction is subject to customary closing conditions and regulatory approvals. As part of the definitive purchase agreement, Spirit will close its current financing round, which will contribute to the working capital of the business. This capital infusion will strengthen the merged entity’s financial position and support its investment thesis.

To create a collaborative and unified culture, Spirit will cancel all current options and re-issue them at a later date to select individuals, in accordance with applicable securities requirements and stock exchange rules. This initiative aims to attract and retain top talent in the industry and aligns with current market conditions.

Additionally, Spirit will conduct a non-brokered private placement consisting of units and convertible promissory notes of the company. This private placement aims to raise funds to support the merged entity’s growth and strategic initiatives.

Spirit Blockchain Capital is a leading digital asset investment firm focused on capital appreciation and alpha generation. It actively manages digital asset allocation and leverages its industry expertise and strategic partnerships to stay at the forefront of the evolving digital asset landscape.

Troon Technologies is a renowned technology solutions provider specializing in blockchain and digital asset solutions. The company develops cutting-edge technology platforms and services to drive innovation and transformation across industries.

Please note that the completion of the Transaction is subject to customary closing conditions and regulatory approvals. Further details will be disclosed as the transaction progresses toward completion.