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Skychain Technologies Inc. (TSXV: SCT) announces once more of the update in regards to the Quebec facility acquisition.

Sherbrooke Acquisition Clarification

Further to its news release dated May 21, 2021, the Company would like to clarify certain matters concerning the now terminated acquisition (the "Acquisition") of all of the issued and outstanding common shares (the "Zhang Shares") in the capital of 1151203 B.C. Ltd. ("115"). On December 23, 2020, the Company entered into an agreement (the "115 Agreement") with 115 and Songhua Zhang (the "Vendor") pursuant to which the Company agreed to purchase the Zhang Shares. One of the conditions in the 115 Agreement was that the Company make a cash payment of $1,500,000 to the Vendor within five days of closing of the transaction. As a condition to receiving TSX Venture Exchange (the "Exchange") approval for the Acquisition, the Exchange required the Company to provide evidence that it either had the funds available to it or that the Company would be in a position to close a financing transaction concurrent with closing of the Acquisition. The Company was unable to satisfy this Exchange requirement.

In addition, the 115 Agreement provided the Vendor with a right to terminate the 115 Agreement if the Company did not obtain Exchange approval for the Acquisition within sixty (60) days of the date of the 115 Agreement. The Vendor had the right to terminate the 115 Agreement as of February 21, 2021. The Vendor has delivered written notice to the Company that it has terminated the 115 Agreement due to the Company's failure to satisfy the Exchange's Acquisition conditions within the stipulated time.

Sherbrooke Facility Lease

As also stated in the news release of May 21, 2021, the Company entered into a lease (the "Lease") with 115, dated for reference February 14, 2018, pursuant to which the Company agreed to lease 39,323 square feet of land and building (the "Facility") located in Sherbrooke, Quebec from 115. It is this Facility that was the subject matter of the 115 Agreement. Despite the termination of the 115 Agreement, the Lease remains in good standing.

The Lease runs for a term of five (5) years and two (2) months and expires on the last day of April 2023. In order to maintain the Lease in good standing, the Company agreed to pay 115 an annual base year rent of $275,261 (plus tax), calculated on the basis of $7 per square foot, payable monthly in advance at the rate of $22,938.42 (plus tax). Commencing May 1, 2019, and occurring annually, the rent shall increase by the greater of (i) the annual increase of the Consumer Price Index, or (ii) by a rate of 3% per annum.

The Company is permitted to use the Facility solely for the purposes of a data room and related activities. The Company is responsible for all operating costs, maintenance costs and insurance costs associated with the Facility.

About Skychain Technologies INC

Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. Our vision is to become a leading player in the crypto/data mining hosting by growing to 100Mw of crypto hosting capacity. 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 DISSEMINATON INTO THE USA

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85899

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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 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.

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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.

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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

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the "Company") announces that the board has approved the issuance of up to 290,000 common shares (the "Shares") at a deemed price of $0.70 per share to settle CDN$203,000 in employment andor consulting fees that are earned by employees and consultants from the Company pursuant to existing engagement agreements. Shares for Past Services are subject to the approval of the TSX Venture Exchange (the "Exchange").

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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