Skychain closes final tranche of financing with The9

Skychain Technologies Inc. has received approval from the TSX Venture Exchange to close the outstanding portion of the financing transaction with The9 Ltd. 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-million of transferable, convertible debentures and $2-million of units. The company is using the proceeds from the offering to develop its cryptocurrency hosting facility in Birtle, Man.

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 greater than a 9.9-per-cent interest in the company. The issuance of the remainder of the units was subject to the exchange approving The9 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. Skychain Technologies’ vision is to become a leading player in cryptocurrency/data mining hosting by growing to 100 megawatts of cryptocurrency hosting capacity.

We seek Safe Harbor.

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