SHANGHAI, April 21, 2021 /PRNewswire/ -- The9 Limited
(Nasdaq: NCTY) ("The9"), an established Internet company, today
announced that it signed a legally binding term sheet on a
CAD4 million investment in Skychain
Technologies Inc. ("Skychain"), a company listed in TSX Venture
Exchange in Canada. The purpose of
the investment is for the construction and operation of a 12 MW
cryptocurrency mining facility located in Birtle, Manitoba, Canada. The9 plans to deploy
its cryptocurrency mining machines in this mining facility upon
completion of the construction.
According to the term sheet, the investment consists of a
convertible note of CAD2 million,
which will mature in four years and can be extended for an
additional one year at the discretion of The9, and a private
placement of CAD2 million (the
"Private Placement"). Each unit of the Private Placement consists
of one common share and one share purchase warrant that entitles
The9 to purchase an additional common share of Skychain for an
exercise term of three years.
The completion of the transaction is expected to be within one
month, subject to due diligence and customary closing
The9 is also actively seeking for worldwide mining facilities
with low electricity cost and in compliance with local rules and
regulations, for the deployment of The9's cryptocurrency mining
About Skychain Technologies Inc.
Skychain Technologies is a Vancouver based company providing Blockchain
Infrastructure services and power solutions. Our vision is to
become a leading player in the crypto/data mining hosting by
growing to 100MW of crypto hosting capacity. To learn more, visit
About The9 Limited
The9 Limited (The9) is an Internet company based in China listed on Nasdaq in 2004. The9 aims to
become a diversified high-tech Internet company.
SOURCE The9 Limited