SHANGHAI, April 21, 2021 /PRNewswire/ — The9 Restricted (Nasdaq: NCTY) (“The9”), a longtime Web firm, immediately introduced that it signed a legally binding time period sheet on a CAD4 million funding in Skychain Applied sciences Inc. (“Skychain”), an organization listed in TSX Enterprise Alternate in Canada. The aim of the funding is for the development and operation of a 12 MW cryptocurrency mining facility situated in Birtle, Manitoba, Canada. The9 plans to deploy its cryptocurrency mining machines on this mining facility upon completion of the development.
In accordance with the time period sheet, the funding consists of a convertible notice of CAD2 million, which can mature in 4 years and may be prolonged for a further one yr on the discretion of The9, and a personal placement of CAD2 million (the “Non-public Placement”). Every unit of the Non-public Placement consists of 1 widespread share and one share buy warrant that entitles The9 to buy a further widespread share of Skychain for an train time period of three years.
The completion of the transaction is anticipated to be inside one month, topic to due diligence and customary closing circumstances.
The9 can be actively in search of for worldwide mining amenities with low electrical energy value and in compliance with native guidelines and rules, for the deployment of The9’s cryptocurrency mining machines.
About Skychain Applied sciences Inc.
Skychain Applied sciences is a Vancouver primarily based firm offering Blockchain Infrastructure providers and energy options. Our imaginative and prescient is to turn into a number one participant within the crypto/knowledge mining internet hosting by rising to 100MW of crypto internet hosting capability. To be taught extra, go to www.skychaintechnologiesinc.com.
About The9 Restricted
The9 Restricted (The9) is an Web firm primarily based in China listed on Nasdaq in 2004. The9 goals to turn into a diversified high-tech Web firm.
SOURCE The9 Restricted
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