Vancouver, BC, Canada, 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