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Skychain Technologies Inc. announces that it has arranged and successfully closed on the first tranche of securities of a private placement with The9 Limited, an industry leader in crypto mining services. How will Skychain securing this funding for crypto hosting in Manitoba impact the price of SCT stocks?

Skychain Secures Funding for Crypto Hosting in Manitoba

Vancouver, British Columbia–(Newsfile Corp. – June 4, 2021) – Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (the “Company”) announces that it has arranged and successfully closed on the first tranche of securities of a private placement (the “Offering“) with The9 Limited (the “The9“) (NASDAQ: NCTY), an industry leader in crypto mining services.

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 (the “Debentures“), at a price of $0.85 per Debenture, and $2,000,000 of units (the “Units“), at a price of $0.76 per Unit, of the Company for an aggregate investment of $4 million dollars (the “Proceeds“). Each Unit is comprised of one common share (a “Share“) and one transferable, share purchase warrant (a “Warrant“), and each Warrant is exercisable into a common share (a “Warrant Share“) at a price of $1.22 per Warrant Share at any time up to the close of business on the third anniversary of the closing (the “Closing“) of the Offering. The Company plans to use the Proceeds to develop its 12 MW cryptocurrency hosting facility located in Birtle, Manitoba.

Related: Sunniva Announces Amendment Of Performance Warrants

The Company has received approval from the TSX Venture Exchange (the “Exchange“) to close on the Offering to the extent that The9 has no more than a 9.9% interest in the Company. As a result, the Company has issued the Debentures and 1,620,951 Units to The9, giving The9 a 9.9% interest in the Company.

The issuance of the remainder of the Units comprising the Offering remain subject to receipt of Exchange approval. Because upon completion of the entire Offering The9 will be an Insider, the Exchange required The9 to file a Personal Information Form (the “PIF“) with the Exchange. While The9 has filed a PIF with the Exchange, the Company cannot complete the remainder of the Offering until the Exchange has cleared the PIF. The9 has deposited $768,077.24 into trust pending the Company’s receipt of Exchange approval to complete the remainder of the Offering. The Shares and Warrants comprising the Units are subject to a hold period expiring on October 4, 2021.

Skychain Secures Funding for Crypto Hosting in Manitoba

As provided in the subscription agreements entered into between the Company and The9 concerning the subscriptions for both the Units and the Debentures, the holder of the Warrants and/or the Debentures cannot exercise or convert its Warrants or Debentures, as the case may be, if such exercise or conversion will result in the holder becoming an Insider or a Control Person of the Company until such time as the holder has cleared a Personal Information Form with the Exchange or the Company’s shareholders have approved the creation of the holder as a new Control Person of the Company, as the case may be.

“The closing of this financing is a significant milestone in our Company’s growth strategy,” said SkyChain’s CEO Bill Zhang. “It is a great opportunity for us to meet the rapidly increasing market demand for crypto hosting services by bringing the Birtle facility into operation.”

Related: Aurora Cannabis to sell $200 million in 5% debentures

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 100 MW of crypto hosting capacity. To learn more, visit


Bill Zhang

President and CEO

Skychain Secures Funding for Crypto Hosting in Manitoba

Related: Emblem Cannabis raises $28 million through shares and debentures

Contact: 604-456-0608
[email protected]

  • 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.


Skychain Secures Funding for Crypto Hosting in Manitoba

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