Skychain Technologies Inc. (TSXV: SCT) announced today that they have successfully arranged and closed a financing agreement with The9 Limited (NASDAQ:NCTY) for an aggregate investment of $4 million. This agreement was in line with a previous announcement released by the company earlier this year.
The agreement sees T9 agreeing to subscribe for $2 million worth of transferable and convertible debentures, at a purchase price of $0.85 per debenture, and $2 million worth of units from the company at a purchase price of $0.76 per share. Each unit contains one common share and one common share purchase warrant, the latter of which is valid for a period of three years at a price of $1.22 per share.
The company also reports that they have already issued debentures and 1.62 million units to T9 for a 9.9% interest in the company. This figure is set to increase upon approval by the TSX Venture.
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The Company plans to use the proceeds from this agreement to develop a 12 megawatt cryptocurrency hosting facility in Birtle, Manitoba.
Skychain Technologies Inc. last traded at C$0.80 on the TSX-V while T9 last traded at $10.94 on NASDAQ.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
