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The9 To Invest C$4M In Vancouver's Skychain Technologies For Construction Of 12 MW Cryptocurrency Mining Facility

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The9 To Invest C$4M In Vancouver's Skychain Technologies For Construction Of 12 MW Cryptocurrency Mining Facility
  • The9 Ltd (NASDAQ: NCTYinked a binding term sheet regarding a C$4 million investment in Vancouver’s Blockchain Infrastructure services and power solutions provider, Skychain Technologies Inc (OTC: SKTCF), for the construction and operation of a 12 MW cryptocurrency mining facility situated in Birtle, Manitoba, Canada.
  • The investment included a 4-year convertible note of C$2 million with an additional year extension option. The investment also included a private placement of C$2 million.
  • Each private placement unit consisted of one share and one warrant. The warrant entitled the company to additional share procurement of Skychain for an exercise term of three years.
  • The9 also sought cheaper electricity-driven and regulation-compliant global mining facilities for the positioning of its cryptocurrency mining machines.  
  • Price action: NCTY shares are down by 1.91% at $19.01 in the premarket session on the last check Wednesday.
 

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