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Vancouver, British Columbia--(Newsfile Corp. - November 16, 2021) - Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) ("Skychain" or the "Company") announces that the Company proposes to sell a non-brokered private placement (the "Private Placement") of common shares (the "Shares") at a price of $0.60 per Share for gross proceeds of $2 million dollars. The proceeds from the Private Placement will be used for general working capital, the new business and for the development of the Company's projects.
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.
In addition, the Company is pleased to announce the appointment of Mr. John Yang to the position of Chief Strategy Officer. Mr. Yang brings over 15 years of interdisciplinary expertise in managing international companies in the tech and marketing fields. He has been involved with blockchain development and crypto mining since early 2016. As a successful entrepreneur in the tech sector Mr. Yang will bring his vast innovative experience to assist with the growth of the Company.
About Skychain Technologies Inc.
Skychain Technologies Inc. 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
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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