Skychain announces the update of the acquisition of facilities in Quebec
Vancouver, British Columbia – (Newsfile Corp. – May 21, 2021) – Skychain Technologies Inc. (TSXV: SCT) (OTCQB: SKTCF) (“Skychain”) announces the termination of the agreement to purchase facilities in Quebec.
In February 2018, Skychain entered into a rental agreement (the “To rent“) with 1151203 BC Ltd. (“115“) under which Skychain has agreed to lease a 20 MW cryptomining hosting facility (the”Establishment“) located in Sherbrooke, Quebec. Skychain provides cryptomining hosting services to customers of the facility. The lease remains in good standing and runs for a period of five years and two months until April 2023.
Skychain announced on August 27, 2020 (see also updates for January 6, 2021 and February 22, 2021), that it has entered into an agreement (the “Agreement“) with Songhua Zhang (the”Seller“) and 115 under which Skychain would purchase (the”Acquisition“) a 100% interest in 115. The seller owns 100% of the outstanding common shares of 115.
The acquisition was subject to several conditions, including the signing of a definitive agreement and the receipt of all approvals (the “Exchange approvals“) of the TSX Venture Exchange (the”Exchange“) for the acquisition. One of the terms of the deal was that all exchange approvals had to be received within sixty (60) days of the deal being concluded. Skychain asked the Exchange to approve the acquisition.However, since the exchange approvals were not received within the allotted time frame, the seller has now notified Skychain that the agreement is no longer in effect.
Despite the termination of the agreement, Skychain continues to lease the facility and conduct its hosting activities at the Sherbrooke facility. Skychain is currently working to secure a new deal with the seller to acquire 115.
Skychain Continues To Focus On The Development Of Its 12MW Crypto Hosting Site In Birtle, MB, Subject To Closing Of Total Funding Of $ 4,000,000 Including A Unit Offering And Funding by convertible debenture announced on May 14, 2021. The Edge Cloud Gaming project announced On March 6 and 25, 2021, the proof-of-concept work will take place. The application of advanced computing to the rendering needs of the animation industry is under development following the success of Skychain’s continuous rendering service for the past eight months at an animation company leading.
About Skychain Technologies INC
Skychain Technologies is a Vancouver-based company providing blockchain and data center infrastructure power services and solutions. Our vision is to become a leading player in crypto / data mining hosting and edge cloud computing. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
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