The9 To Invest C$4M In Vancouver's Skychain Technologies For Construction Of 12 MW Cryptocurrency Mining Facility - The9 (NASDAQ:NCTY)

The9 Ltd NCTY inked a binding term sheet regarding a C$4 million investment in Vancouver’s Blockchain Infrastructure services and power solutions provider, Skychain Technologies Inc 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.