For immediate release. Skychain Technologies Inc. (TSXV-SCT) is pleased to announce that it is conducting a non-brokered private placement financing of a minimum of 1,000,000 units (the "Units") up to a maximum of 2,000,000 units (the "Units") at a price of C$0.05 per Unit (the "Offering"), for minimum aggregate proceeds of $50,000 up to a maximum of C$100,000. Each Unit will consist of one common share (a "Common Share") in the capital of the Corporation and one transferable Common Share purchase warrant (a "Warrant"), with each Warrant entitling the holder thereof to purchase one Common Share of the Corporation at an exercise price of C$0.06 per Common Share for a period of 6 months from the closing of the Offering. All Common Shares issued in connection with the Offering will be subject to a four-month plus one day hold period under applicable Canadian securities laws. Use of proceeds are for general working capital purposes.
The Offering is available to investors in reliance on certain prospectus exemptions including to existing shareholders of the Company (the “Existing Security Holder Exemption”) and to investors who have received investment advice (the “Investment Dealer Exemption”). The Existing Security Holder Exemption is available in each of the provinces and territories of Canada to a person or company who became a shareholder of the Company on or before November 7, 2019 (the “Record Date”).
To participate, shareholders relying on the Existing Shareholder Exemption will be required to represent in writing certain requirements of the Existing Shareholder Exemption, including that they were as of the Record Date and continue to be as of the closing date, a shareholder of the Corporation, and that they are purchasing the Offering Shares as principal for their own account. The aggregate acquisition cost to a shareholder relying on the Existing Shareholder Exemption, cannot exceed C$15,000 in the 12-month period immediately preceding the closing date of the Offering, unless that shareholder has obtained advice regarding suitability of the investment from a registered investment dealer in the shareholder's jurisdiction.
The Investment Dealer Exemption is available in each of Alberta, British Columbia, Saskatchewan, Manitoba and New Brunswick to a person or company who has obtained advice regarding the suitability of the investment from a person registered as an investment dealer in such person’s or company’s jurisdiction.
As required by the Existing Security Holder Exemption and Investment Dealer Exemption, the Company confirms there is no material fact or material change relating to the Company that has not been generally disclosed.
ON BEHALF OF THE BOARD OF DRIECTORS
“Bill Zhang”
President and CEO
