SkyChain Signed Agreement to Secure Land and Power in Alberta for Crypto Hosting Facility
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Vancouver, British Columbia – (Newsfile Corp. – October 15, 2021) – SkyChain Technologies Inc. (TSX Venture Exchange: SCT) (OTCQB: SKTCF) (the “Society“) is pleased to announce that the Company has signed a service agreement with Sunset Solar Inc. (“Sunset”) that is a private corporation incorporated under the laws of Alberta. Sunset has been engaged in solar farm development since its inception in 2016 with access to land in Alberta (the “Earth”) and potential electricity for the construction of a solar farm and facilities. cryptocurrency mining.
Sunset is an Alberta-registered company that has made progress in the permitting process to build a 57 megawatt (MW) alternating current solar photovoltaic power plant. The project is proposed to consist of 216,756 fixed mount photovoltaic solar panels, an underground network of power collection lines and a collection substation located one kilometer southwest of the hamlet of Grassy Lake Alberta occupying 10 acres. Using solar power combined with conventional power sources at the 10-acre site will add an emission-free power source for its data center.
In accordance with the service, SkyChain will proceed with all required permits and applications with the participation of Sunset in all aspects of the project. Final project approval is subject to obtaining land and power from the Alberta Electricity Authority.
Under the terms of the service agreement, subject to the successful completion of the services resulting from obtaining permits, approvals, access to land and electricity, SkyChain will make a payment of $ 1.68 million. Canadian dollars in SkyChain common stock at C $ 0.80 per common share at Sunset.
Payment remains subject to successful due diligence and satisfaction of various conditions under the agreement, as well as approval by the TSX Venture Exchange (the “Exchange”). The Company and Sunset are currently going through the due diligence process.
About SkyChain Technologies INC
SkyChain Technologies is a Vancouver-based company that provides Blockchain infrastructure services and power solutions. Our vision is to become a leading player in crypto hosting / data mining by increasing to 100MW of crypto hosting capacity. To learn more, visit www.skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the accuracy of this release.
The statements contained in this press release may be considered as forward-looking statements. Such statements involve risks and uncertainties which could cause actual results to differ materially from those projected. There is no guarantee that the company will be able to fulfill these forward-looking statements and the company does not undertake to update these statements. These forward-looking statements are only predictions; actual events or results may differ materially due to risks the company faces, some of which are beyond the control of the company.
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