Skychain Technologies (TSXV: SCT), a Vancouver-based company providing blockchain infrastructure services and power solutions through its 100% owned Miningsky Technology subsidiary, has added a warrant to its current non-brokered private placement. The company is now raising gross proceeds of up to $1,250,000 from the placement of up to 1,315,800 units priced at $0.95 per unit. Each unit consists of one share and one full warrant, with the warrant exercisable at $1.50 for 24 months.
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The proceeds will be used towards the acquisition and upgrade of an additional crypto mining hosting facility in Sherbrooke, Quebec, which was previously announced on January 6, 2021. The 20 Mw crypto mining hosting facility in Sherbrooke is currently running at about 70% or 14Mw capacity and covers 40,000 square feet with significant expansion capacity. The 20Mw capacity can contribute a hashrate of 670 PH per second to blockchain, and the power capacity can be upgraded to 23Mw without further hardware investment.
Due mostly to clean, efficient hydropower, Quebec offers one of the lowest electricity costs in North America, and among the lowest in the world. The facility is also environmentally friendly as hydro is a renewable energy source.
The Vendor has invested over $8 million to develop the facility. SkyChain has agreed to purchase the entire facility for total consideration of $3 million in cash and $2.5 million in shares at a deemed price of $0.50 per share for 5 million shares.
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