Vancouver, BC, Canada, July 20th, 2021 – SkyChain Technologies Inc. (“Skychain” or the “Company”)(TSXV-SCT) (OTCQB-SKTCF) is pleased to announce that it has successfully completed the first tranche of the non-brokered private placement (the "Offering") described in its news release of June 7, 2021. Under the first tranche of the Offering, the Company issued 198,446 units (the “Units”) at a price of CDN$0.78 per Unit for gross proceeds of $154,787.88. Each Unit consists of one common share in the capital of the Company (a “Share”) and one whole non-transferable common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable to acquire one Share at an exercise price of CDN$1.50 per Share until January 16, 2022 which is 6 months from the date of issuance.
Skychain intends to use the net proceeds of the Offering for general and administrative expenses, working capital, and to help finance construction of the its Birtle cryptocurrency project located in Birtle, Manitoba. The Company will pay no finder's fees in connection with subscriptions from subscribers introduced to this Offering. The securities issued under the Offering are subject to a statutory hold period expiring on November 17, 2021.
About SkyChain Technologies
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. To learn more, visit www.skychaintechnologies.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO