Skychain Closes Final Tranche of Placement with The9 Limited
Vancouver, British Columbia--(Newsfile Corp. - July 27, 2021) - Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the "Company") announces that it has received approval from the TSX Venture Exchange (the "Exchange") to close the outstanding portion of the financing transaction (the "Offering") with The9 Limited (the "The9"). As previously announced by the Company on April 21, 2021 and May 13, 2021, the Company entered into a financing agreement with The9 pursuant to which The9 agreed to subscribe for $2,000,000 of transferable, convertible debentures and $2,000,000 of units (the "Units"). The Company is using the proceeds from the Offering to develop its cryptocurrency hosting facility located in Birtle, Manitoba.
As announced on June 4, 2021, the Company received approval from the Exchange to close on the Offering to the extent that The9 had no more than a 9.9% interest in the Company. The issuance of the remainder of the Units was subject to the Exchange approving The9 Limited as an insider of the Company. The Exchange has completed its review and has granted the Company approval to issue the final tranche of 1,010,628 Units to The9. The Units are subject to a hold period of four months and one day.
About Skychain Technologies INC
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. Our vision is to become a leading player in the crypto/data mining hosting by growing to 100Mw of crypto hosting capacity. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
- Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
- Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company’s control.
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