Vancouver, British Columbia--(Newsfile Corp. - August 9, 2021) - Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("Skychain" or the "Company") announces that the Company proposes to undertake a non-brokered private placement (the "Private Placement") of up to 619,500 units (the "Units") at a price of $0.80 per Unit for gross proceeds of up to $495,600 if the entire Private Placement is sold. The proceeds from the Private Placement will be used for purchase of equipment. Each Unit will consist of one common share and one non-transferrable 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 $1.20 per Warrant Share for a period of two years from the date of issuance of the Units. The funds will be used for purchase of equipment and working capital.
The Private Placement is subject to the approval of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a hold period of four months and one day.
About Skychain Technologies
Skychain Technologies is a Vancouver based company providing Blockchain Infrastructure services and power solutions. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Bill Zhang
President and CEO
bill@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.
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