Vancouver, BC – For Immediate Release – Skychain Technologies Inc. (the “Company”) is pleased to announce that, subject to regulatory approvals, the Company has entered into a purchase agreement to acquire cryptocurrency mining assets (“RPC Assets”) including the assignment of a lease for a property near Port Melon, BC from Renewable Power Corp. The Company has agreed to pay an aggregate of CDN $49,400 in cash and to issue 2,166,666 common shares to Renewable at a deemed price that is not less than the Discounted Market Price (as such term is defined by the Exchange), for the purchase of the RPC Assets. A greater than 5% shareholder of the Company, Peter Schober of Vancouver, is a director, officer and 50% shareholder of Renewable, and as a result, on closing of the acquisition of the RPC Assets, as proposed, Mr. Schober will become a greater than 10% shareholder of the Company. “
There are no finder’s fees in connection with this transaction.
The Company has also entered into a non-arm’s length purchase agreement to acquire cryptocurrency mining assets (“VEL Assets”) from Vling E-Business Ltd., which is a company controlled by Bill Zhang, the President and CEO of the Company. The Company has agreed to issue 3,097,287 common shares to Vling at a deemed price that is not less than the Discounted Market Price for the purchase of the VEL Assets. The transaction is subject to Policy 9 of the Exchange which incorporates by reference Multilateral Instrument 61-101. Under the Multilateral Instrument, the Company is to obtain a valuation of the VEL Assets unless there is an exemption. The Directors are relying on the exemption in such Instrument wherein the fair market value of the transaction is less than 25% of market capitalization of the Issuer. There are no finder’s fees in connection with this transaction.
After completing an in-depth assessment of such Assets, the Board determined that such acquisitions were important to the expansion of the Company’s comprehensive cryptocurrency services business. The Company has in fact had valuable access to some of the VEL Assets while building its business to date.
Company Director, Scott Young stated, “These acquisitions are an important addition to Skychain’s arsenal of power, equipment and properties that will enable us to provide our customers with cost effective and reliable hosting services for their crypto mining operations.”
ON BEHALF OF SKYCHAIN TECHNOLOGIES INC.
About SkychainTechnologies Inc.
Through its wholly owned subsidiary, the Company services cryptocurrency miners (startup and established) by offering its proprietary high-performance GPU-based miner designed to mine Ethereum and other cryptocurrencies, power and energy solutions for large scale mining farms to help optimize mining power consumption, mining farm construction services, and professional all-inclusive miner hosting and co-location services to ensure client operations proceed seamlessly.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.