Blockchain

Skychain Technologies Inc. is pleased to announce that the Company has successfully completed its non-brokered 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 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 ...

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.

Two directors and the spouse of a director of the Company (the "Insiders") participated in the Private Placement and purchased a total of 210,595 Shares. As such, the Private Placement 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").

The Private Placement is exempt from the requirements for a formal valuation set out in Section 5.4 of MI61-101 since the transaction is a distribution of securities for cash and neither the Company nor, to the knowledge of the Company after reasonable inquiry, any of the Insiders has knowledge of any material information concerning the Company or its securities that has not been generally publicly disclosed. The Private Placement has been approved by the Company's disinterested directors. The Private Placement is exempt from the requirements in Section 5.7 of MI61- 101 for approval by its minority shareholders since the fair market value of the transaction is less than $2,500,000.

About Skychain Technologies Inc.

Skychain Technologies Inc. is a Vancouver based company providing Blockchain Infrastructure and valued added services. To learn more, visit skychaintechnologiesinc.com

ON BEHALF OF THE BOARD OF DIRECTORS

Dr. Richard Du
Chairman and Chief Executive Officer

______________________________________________________________________

Contact: 604-688-5464
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/110130

News Provided by Newsfile via QuoteMedia

SCT:CA
Skychain Technologies

Skychain Technologies

Overview

Blockchain technology is the backbone of cryptocurrencies. This secure ledger system has laid the foundation for the exponential growth of Bitcoin, Ethereum and other recognized cryptocurrencies. Even traditional sectors are exploring the transformative impact and reliable security blockchain technology has to offer. Market research forecasts worldwide spending on blockchain solutions to grow to an estimated US$15.8 billion by 2023.

All of these operations require networks of decentralized computers to record transactions and archive information. With the growing need for these data centers, investors and companies big and small are turning to data centers and equipment providers to ensure they have the infrastructure needed to succeed in the cryptocurrency and data mining space.

SkyChain Technologies (TSXV:SCT,OTCQB: SKTCF) is a Vancouver-based company providing data infrastructure services and power solutions. The company operates Internet Data Centers that host mining computers, known as ASIC miners or GPUs. Although not a direct cryptocurrency mining company, SkyChain provides full-service hosting and real estate through its wholly owned subsidiary data centers.

Businesses and data mining operations are in increasing need of powerful technologies to support their work. SkyChain works to provide the necessary infrastructure to host these businesses and connect these blocks and technologies to our daily lives. This symbiotic relationship could become more normalized as essential services continue to transition to online-first models.

SkyChain’s Sherbrooke Crypto Hosting Facility is a data center located in Quebec. This 48,000 square foot asset currently generates C$12 million in annual revenues. Additionally, strategic positioning in Quebec allows SkyChain to leverage low provincial electricity prices, potential facility expandability and maximized optimization.

skychain image 1

In February 2021, SkyChain Technologies announced preparation to expand its data center services to include edge computing data centers, which would allow for high data applications such as cloud gaming and film rendering.

“Skychain’s deep experience in cryptocurrency mining has resulted in the development of our own unique high-speed equipment, venues and energy solutions suited perfectly to edge computing,” Skychain CEO Bill Zhang stated.

Additionally, the company intends on opening a promising new location in Manitoba in 2021. The site takes advantage of the cheap provincial electricity prices and 12MW facility permits that SkyChain already has in place.

Miningsky Technology Ltd, 100 percent owned by SkyChain Technologies Inc, would be the company’s next major large scale GPU miner and miner hosting solution provider in Manitoba. The all-in cryptocurrency and data mining hosting service provider would offer an electric power supply, regular maintenance of mining machines and mining performance monitoring.

The company’s primary focus is to become a leading player in the crypto and data mining hosting space. Since 2018, the company has conducted significant research and development to reduce costs from C$500,000 per megawatt to C$150,000 per megawatt. Skychain intends on growing to 100Mw of crypto hosting capacity in the future.

SkyChain’s Company Highlights

  • SkyChain Technologies operates state-of-the-art internet data centers that host ASIC miners and GPUs.
  • Currently provides full-service hosting and real estate through its wholly owned subsidiary data centers.
  • The company’s subsidiary data center in Sherbrooke, Quebec currently generates C$12 million in annual revenues.
  • SkyChain’s expertly engineered data centers and full-service mining equipment delivery strategically position the company for expansion into edge computing for high-performance, large data markets..
  • SkyChain Technologies wholly owns Miningsky Technology Ltd, which performs research and development of miningsky equipment.
  • Recently entered into an agreement with Synergy Global Consulting Corp. to establish a joint venture company Skyrendering Technologies Inc. to provide premier visual effects (VFX) rendering services to the film and entertainment industry.

SkyChain’s Key Subsidiaries

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Sherbrooke Crypto Hosting Facility

SkyChain’s Sherbrooke Crypto Hosting Facility is a 48,000 square foot facility in Quebec. Constructed in 2018, the asset is currently operating at 70 percent capacity, with a target to reach 100 percent in the early months of 2021. The facility leverages Quebec’s excellent infrastructure and cheap electricity prices, offering 7 cents per kilowatt hosting services fees.

Internal operations host professionally designed ventilation through negative pressure shedding fans as well as a SCADA load shedding system, overnight security and 20 megawatt power consumption.

SkyChain’s collection of high-speed equipment and energy solutions primes the company for expansion into edge computing for high-performance data services. Likewise, the company’s state-of-the-art facilities strategically position the company to access new revenue sources with minimal upgrade and potential scalability costs. It hosts 5,000 miners and counting in current operations.

Miningsky Technology Ltd. — Manitoba Hosting Location

SkyChain’s prospective 12 megawatt Manitoba crypto hosting site is expected to open in 2021. Miningsky Technology Ltd. is 100 percent owned by SkyChain and provides the company with the potential for research and development, lab testing for new industries, and new revenue sources with Miningsky’s power and energy equipment.

Manitoba is an exciting jurisdiction to operate out of for Miningsky due to the cheap electricity and cold weather. SkyChain presently has all permits in place and has completed its due diligence in Manitoba with electricity costs of C$0.0467. Miningsky has fully customized and stabilized high-performance GPU miners, reliable miner hosting and energy solutions and rapid deployment with scalability.

SkyChain’s Management Team

Bill Zhang — President, CEO & Director

Bill Zhang is the architect behind Miningsky. He is the visionary that keeps Miningsky moving forward. With decades of comprehensive IT and Cloud computing experience, Zhang possesses an extensive network of working relationships that place Miningsky in a leading position in the rapidly evolving crypto industry.

Don Gordon — CFO & Director

Don Gordon has over 30 years of experience in the corporate financial analysis and business development sectors. He is currently self-employed as DAG Consulting Corp’s an independent corporate finance and due diligence consultant. Gordon is active in corporate and professional associations, involving liaison with institutional investors and fund managers. In the past 10 years, DAG Consulting has been instrumental in listing and financing over 30 public companies.

Xi (Walson) Wang — Director

Xi Wang has over 15 years of experience in management roles and has developed a broad skill set, including overseeing business operations, negotiating with vendors, developing lasting business relationships and achieving sales and revenue goals. Wang has been the president of It Asset Partners Inc. since 2013 and has designed a custom enterprise resource planning system, which helped to improve the flexibility and efficiency of operation. He led the cloud server management team and played a vital role in forging relationships and obtaining contracts with Lenovo, Nintendo, Acer, Avnet, Sprint and Time Warner Cable.

Tang Tang — Director

Tang Tang brings eight years of marketing and financial experience to SkyChain Technologies, providing innovative counsel on current technology trends. She obtained her Bachelor’s degree in Commerce from Peter B. Gustavson School of Business, University of Victoria.

Frederick Jung — Director

Mr. Jung will provide financial guidance to Skychain to continue the growth of its business operations. He is currently the Chief Financial Officer of Solar Flow-Through Funds. Mr. Jung’s extensive in corporate finance and strategic planning will be an invaluable contribution to Skychain Technologies Inc.

Kym Anthony  — Advisor, Financial and Capital Markets

Mr. Anthony provides Skychain with extensive experience in financial markets. His career of more than 30 years includes roles as Chairman and CEO of TD Securities, Vice-Chair of Toronto Dominion Bank and President and CEO of National Bank Financial. Mr. Anthony also gained investment banking experience with CIBC/Wood Gundy and the Investment Dealers Association of Canada.

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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's Debt Settlement Transaction

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the "Company") is pleased to announce that the Exchange has approved a debt settlement with Houston BC Mining Power Corp. previously announced on June 7, 2021. Pursuant to the settlement, the Company issued 243,590 common shares (the "Settlement Shares") at a deemed price of $0.78 per share to settle $190,000 of debt owing to Houston BC Mining Power Corp. The Settlement Shares are subject to a hold period of four months and one day.

About Skychain Technologies INC

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Skychain Closes Final Tranche of Placement with The9 Limited

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the "Company") announces that it has received approval from the TSX Venture Exchange (the "Exchange") to close the outstanding portion of the financing transaction (the "Offering") with The9 Limited (the "The9"). 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 $2,000,000 of transferable, convertible debentures and $2,000,000 of units (the "Units"). The Company is using the proceeds from the Offering to develop its cryptocurrency hosting facility located in Birtle, Manitoba.

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 more than a 9.9% interest in the Company. The issuance of the remainder of the Units was subject to the Exchange approving The9 Limited 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.

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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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SkyChain Closes August Private Placement

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("SkyChain" or the "Company") is pleased to announce that it has successfully completed its non-brokered private placement (the "Offering") described in its news release on August 9, 2021. Under the Offering, the Company issued 619,500 units (the "Units") at a price of CDN$0.80 per Unit for gross proceeds of $495,600. 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 August 20, 2023 which is 2 years 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, 1151152 BC Ltd., and John Lee all participated in the Offering.

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SkyChain Closes Second and Final Tranche of June Private Placement

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("SkyChain" or the "Company") is pleased to announce that it has successfully completed the second tranche of the non-brokered private placement (the "Offering") described in its news release on June 7, 2021. Under the second tranche of the Offering, the Company issued 317,949 units (the "Units") at a price of CDN$0.78 per Unit for gross proceeds of $248,000. 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$1.50 per Share until February 3rd, 2022 which is 6 months from the date of issuance.

The total aggregate amount raised from the private placement is $402,788 for 516,395 units.

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Skychain Signed an Offer to Purchase a Property in Manitoba for Crypto Hosting Facility

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the "Company") announces that the Company has entered into an arm's-length agreement to purchase real estate in the province of Manitoba in cash. The Company intends to develop a crypto mining site of approximately 22MW capacity on the property.

Closing of the acquisition remains subject to successful due diligence of the site and the satisfaction of various conditions to closing, as well as the approval of the TSX Venture Exchange. The Company and the vendors are presently working through the due diligence process.

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SkyChain Closes First Tranche of June Private Placement

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("Skychain" or the "Company") is pleased to announce that it has successfully completed the first tranche of the non-brokered private placement (the "Offering") described in its news release of June 7, 2021. Under the first tranche of the Offering, the Company issued 198,446 units (the "Units") at a price of CDN$0.78 per Unit for gross proceeds of $154,787.88. 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$1.50 per Share until January 16, 2022 which is 6 months from the date of issuance.

Skychain intends to use the net proceeds of the Offering for general and administrative expenses, working capital, and to help finance construction of the its Birtle cryptocurrency project located in Birtle, Manitoba. The Company will pay no finder's fees in connection with subscriptions from subscribers introduced to this Offering. The securities issued under the Offering are subject to a statutory hold period expiring on November 17, 2021.

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SkyChain Signs LOI to Establish Joint Venture for Visual Effects Rendering Services

Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("Company") reports that the company has signed a Letter of Intent ("LOI") to establish a joint venture with The Embassy Visual Effects Inc. ("Embassy"), an award-winning visual effects studio in Vancouver, BC. The joint venture will work together to develop and grow SkyRendering Technologies Inc. ("SkyRendering"), a separate joint venture established between SkyChain and Synergy Corp, as announced in SkyChain's news release of July 7, 2021.

Under the Embassy joint venture, Embassy will help SkyRendering provide premier visual effects ("VFX") rendering services to the film and entertainment industry. Embassy will provide back-end technical support and personnel to the SkyRendering joint venture.

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