SPIRIT Blockchain to lead Blackcloud's financing with $24 million investment commitment

SPIRIT Blockchain Technologies and Blackcloud Crypto Investments to form crypto mining venture

VANCOUVER and CALGARY, March 6, 2018 /CNW/ - SPIRIT Blockchain Technologies Ltd. ("Spirit") and Blackcloud Crypto Investments Inc. ("Blackcloud") are pleased to announce today that they have entered into a Letter of Intent for Spirit to lead Blackcloud's ongoing financing with an investment of $24 million into Blackcloud to support the development of Blackcloud's Canadian crypto mining operations.

SPIRIT Blockchain is a company that bridges blockchain technologies and digital-assets to traditional capital markets. The strategy is to be a global operator through joint venture arrangements with key infrastructure companies and also a strategic investor in the blockchain ecosystem with specific focus on the Bitcoin, Ethereum and Altcoin blockchains.

The Blackcloud team has worked together for many years and bring a breadth of experience to this new venture. The team has a strong track record of M&A, operating large infrastructure and have generated revenue in more than 100 countries. Blackcloud will immediately put these new funds to work building out its core infrastructure, ordering mining hardware and generating revenue.

"We are pleased to be working with the Blackcloud team and we believe our investment in Blackcloud will be a significant step forward in scaling our infrastructure strategy in legally stable jurisdictions. We expect to see the increased difficulty of cryptocurrency mining continue and believe that low operating costs and efficiencies of capital allocation will be the key to future success. We feel that the Blackcloud team has a great strategy to ensure successful execution in this dynamic environment." Erich Perroulaz CEO of SPIRIT Blockchain.

"I'm very excited to work with the executive team from SPIRIT Blockchain. I believe that their vision to bridge the traditional investment world with Digital Assets and to become a leading provider to the decentralized Blockchain Ecosystem has great value. We are pleased to be part of it." Ryan Johnson CEO of Blackcloud

About SPIRIT Blockchain

SPIRIT Blockchain is a Canadian company with a Swiss subsidiary which leverages its expertise and network to build and support blockchain technology companies. The Company intends to raise capital through its network of professional investors, family offices, institutions and funds who want exposure to digital assets. It has established an Advisory Board with experience and technical expertise and plans to become a leading authority and supporter of blockchain. The Company provides investment exposure to the rapidly growing blockchain ecosystem.

About Blackcloud Crypto Investments

Blackcloud is a Canadian-based cryptomining venture that is building a leading cryptomining operation utilizing the technical expertise of its management team gained in the aerospace and data centre industries.

SOURCE Blackcloud Crypto Investments Inc.