For immediate release. Skychain Technologies Inc. (TSXV-SCT) is pleased to announce that it is increasing its recently announced $0.10 Unit Financing from $1.6 million to $1.8 million by expanding the offering to existing shareholders. The additional proceeds will be added to working capital.
Skychain management are also pleased to announce that they are settling up to $250,000 in debt by issuing common shares to arms-length and non-arms-length creditors at $0.10 per share.
The above transactions are subject to regulatory acceptance.
Skychain has also agreed is to enter into a non-interest bearing loan agreement with a private lender repayable over 24 months to borrow $150,000 with such funds to be used to upgrade the Houston BC crypto mining host site from 3MWs to 10MWs, with the lender selling the power to Skychain at a more efficient rate than the Issuer currently has.
ON BEHALF OF THE BOARD OF DRIECTORS
President and CEO