Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) announces that the Company has agreed to settle an outstanding debt (the "Debt Settlement") of CDN $190,000.00 owing to Houston BC Mining Power Corp. through the issuance of 243,590 common shares (the "Settlement Shares") at price of $0.78 per Settlement Share. Houston BC Mining Power Corp is arms' length to the Company. The Debt Settlement is subject to the approval of the TSX Venture Exchange (the "Exchange").
SkyChain also announces that it proposes to undertake a private placement (the "Offering") of up to 522,000 units (the "Units") at a price of $0.78 per Unit for gross proceeds of $407,160 if the entire Offering is sold. The funds will be used for general and administrative expenses, working capital, and to help finance construction of the Company's Birtle cryptocurrency project located in Birtle, Manitoba. Each Unit shall consist of one common share and one share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase an additional common share (a "Warrant Share") of the Company at a price of $1.50 per Warrant Share until the end of business day on the sixth month anniversary of the issuance of the Units. The Offering is subject to the approval of the Exchange.
About Skychain Technologies
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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.
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