bitcoin

Skychain Announces Update of Quebec Facility Acquisition

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("Skychain") announces termination of agreement to the Quebec facility purchase.

In February, 2018, Skychain entered into a lease agreement (the "Lease") with 1151203 B.C. Ltd. ("115") pursuant to which Skychain agreed to lease a 20Mw cryptomining hosting facility (the "Facility") located in Sherbrooke, Quebec. Skychain provides cryptomining hosting services for clients at the Facility. The Lease remains in good standing and runs for a term of five years and two months until April 2023.

Skychain announced on August 27, 2020 (also see updates on January 6, 2021 and February 22, 2021), that it had entered into an agreement (the "Agreement") with Songhua Zhang (the "Vendor") and 115 pursuant whereby Skychain would purchase (the "Acquisition") a 100% interest in 115. The Vendor holds 100% of the outstanding common shares of 115.

The Acquisition was subject to several conditions including the execution of a definitive agreement, and receipt of all approvals (the "Exchange Approvals") from the TSX Venture Exchange (the "Exchange") for the Acquisition. One condition in the Agreement was that all Exchange Approvals had to be received within sixty (60) days of entering into the Agreement. Skychain has applied to the Exchange for approval for the Acquisition. However, since the Exchange Approvals have not been received within the stipulated time, the Vendor has now notified Skychain that the Agreement is no longer of effect.

Despite termination of the Agreement, Skychain continues to lease the Facility and conduct its hosting business at the Sherbrooke Facility. Skychain is currently working to secure a new agreement with the Vendor to acquire 115.

Skychain continues to focus on the development of its 12 MW crypto hosting site in Birtle, Manitoba, subject to closing a $4,000,000 total financing consisting of an equity unit offering and a convertible debenture financing announced on May 14, 2021. The Edge Cloud Gaming project announced March 6 and 25, 2021 is proceeding with the Proof of Concept work. The application of edge computing to the rendering needs of the animation industry is being developed following Skychain's successful ongoing rendering service for the past eight months to a prominent animation firm.

About Skychain Technologies INC

Skychain Technologies is a Vancouver based company providing Blockchain and Data Centre Infrastructure services and power solutions. Our vision is to become a leading player in the crypto/data mining hosting and Edge Cloud computing. To learn more, visit www.skychaintechnologiesinc.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Zhang
President and CEO

Contact: 604-456-0608
info@skychaintechnologiesinc.com

  • Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
  • Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company's control.

NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISSEMINATION INTO THE USA

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84902

News Provided by Newsfile via QuoteMedia

The Conversation (0)
Falco Appoints Red Cloud to Provide Promotional Services

Falco Appoints Red Cloud to Provide Promotional Services

Falco Resources Ltd. (TSX.V: FPC) (" Falco " or the " Corporation ") is pleased to announce that it has entered into a services agreement (the " Agreement ") with Red Cloud Financial Services Inc. (" RCFS ") pursuant to which RCFS has agreed to provide certain advisory services to the Corporation, including advice on marketing and social media activities, in accordance with Policy 3.4 of the TSX Venture Exchange (the " Exchange ").

Under the engagement, RCFS will be paid a fee of $10,000 per month for the services it will render starting on April 4 th , 2024, for an initial twelve-month term, which may be reduced to six months in certain circumstances (the " Initial Term "). The Agreement will transition to a month-to-month basis following the Initial Term. There are no performance factors contained in the agreement and RCFS will not receive common shares or options as compensation.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Falco Announces Granting of Stock Options

Falco Announces Granting of Stock Options

Falco Resources Ltd. (TSX.V: FPC) (" Falco " or the " Corporation ") announces that the Board of Directors approved the grant of incentive stock options to key employees, officers and directors to purchase up to an aggregate of 3,440,000 common shares in the capital stock of the Corporation. Grants are subject to a three-year vesting period and a five-year term. The options were granted at an exercise price of $0.36 per share being the closing price of the common shares of the Corporation on the TSX Venture Exchange on April 2, 2024.

About Falco

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Falco Reaches Another Major Milestone and Confirms Admissibility of Its Horne 5 Project's Environmental Impact Assessment

Falco Reaches Another Major Milestone and Confirms Admissibility of Its Horne 5 Project's Environmental Impact Assessment

Falco Resources Ltd. (TSX.V: FPC) (" Falco " or the " Corporation ") is pleased to announce the receipt of confirmation of the admissibility of its Environmental Impact Assessment (" EIA ") for the Horne 5 Project located in Rouyn-Noranda (the " Admissibility ") from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (" MEFCCWP ").

Since the initial EIA filing in 2018, Falco has completed extensive field work and studies, in addition to providing the documentation in order to respond to questions and requests for information raised by the MEFCCWP. Driven by ESG principles, the EIA was conducted by a multidisciplinary team comprised of Falco's employees, experts and partners, and highlights the Horne 5 Project's benefits and impacts on its physical, biological and human environments. The EIA includes various measures to avoid, mitigate or compensate for these impacts, and to enhance the project's overall benefits, in a strong corporate governance environment. The EIA and all related documentation are publicly available on the Environmental Assessment Register of the MEFCCWP.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
SkyChain Announces Director and Management Changes

SkyChain Announces Director and Management Changes

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("Skychain" or the "Company") is pleased to announce that the Company has appointed new management at its subsidiary companies. Effective February 8, 2022,

  1. John Yang, Chief Strategy Officer of the Company has been appointed a director of Miningsky Technology Ltd. ("Miningsky"), Miningsky Technologies (Manitoba) Inc. ("Miningsky Manitoba") and Skyrendering Technologies Inc. ("Skyrendering"), as well as the President of Miningsky and Skyrendering; and

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Skychain Closes Private Placement

Skychain Closes Private Placement

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("Skychain" or the "Company") is pleased to announce that the Company has successfully completed its non-brokered private placement (the "Private Placement") described in its news release on December 31, 2021.

Under the Private Placement the Company issued 2,757,475 common shares of the Company (the "Shares") at a price of $0.42 per Share for gross proceeds of $1,158,140. The proceeds from the Private Placement will be used for general and administrative expenses and for current and new project evaluation and development. All securities issued pursuant to the Private Placement will be subject to a hold period of four months and one day.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
SkyChain Announces $2,000,000 Private Placement and new Director & CEO Appointed

SkyChain Announces $2,000,000 Private Placement and new Director & CEO Appointed

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the "Company") is pleased to announce the appointment of Dr. Weichong (Richard) Du to Director and Chairman of the Board of the Company and appointment as CEO. Mr. Bill Zhang has stepped down as CEO of the Company and remains a Director of the Company and CEO of the operating subsidiaries: MiningSky Technology Ltd., MiningSky Technologies (Manitoba) Inc., and Skyrendering Technologies Inc.

Concurrent with the appointment a company controlled by Dr. Richard Du has entered into a private placement of 4,761,905 shares at a price of $.42 per share for total proceeds of $2,000,000. Funds from the placement will be used for general corporate purposes and contribute to development of the company's existing projects and new business opportunities.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×