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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

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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

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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.

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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.

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SkyChain Signed Agreement to Secure Land and Power in Alberta for Crypto Hosting Facility

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the "Company") is pleased to announce that the Company has signed a service agreement with Sunset Solar Inc.("Sunset") which is a private company incorporated under the laws of Alberta. Sunset has been engaged in the business of developing a solar farm since its inception in 2016 with access to land in Alberta (the "Land") and potential electricity for constructing a solar farm and cryptocurrency mining facilities.

Sunset is an Alberta registered company that has progressed in the permitting process to build a 57-megawatt (MW) alternating-current solar photovoltaic power plant. The project is proposed to consist of 216,756 fixed-mount photovoltaic solar panels, an underground network of electrical collector lines, and a collector substation located one kilometre southwest of the hamlet of Grassy Lake Alberta occupying 10 acres. The use of solar power combined with conventional power sources on the 10 acres site will add an emission free energy source for its data centre.

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Skychain's Share Issuance for Past Services

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The Shares may be subject to a hold period of four months and one day from the date of issuance. Securities issued to certain consultants of the Company will be subject to an additional hold period for a total of 12 months.

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SkyChain Closes Its Private Placement

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("SkyChain" or the "Company") is pleased to announce that it has successfully completed its private placement (the "Offering") described in its news release on August 15, 2021. Under the Offering, the Company issued 320,005 units (the "Units") at a price of CDN$0.70 per Unit for gross proceeds of $224,000. 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$1.20 per Share until September 22, 2022 which is 1 year from the date of issuance.

Certain directors, officers, insiders and control persons of the Company participated in the Offering and, as such, the Offering is a related party transaction as such term is defined in TSX Venture Exchange Policy 5.9 and Ontario Securities Commission Multilateral Instrument 61-101 ("MI61-101"). Ningtao Bill Zhang, Donald Gordon, and John Lee all participated in the Offering.

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