Skychain Technologies Inc. (TSXV:SCT) entered into a letter of intent to acquire 20 MW Cryptomining Hosting Facility in Sherbrooke, Quebec from 1151203 B.C. Ltd for CAD 5 million on August 27, 2020. As of December 23, 2021, the parties confirmed the terms of LOI, SkyChain will purchase the entire facility for total consideration of CAD 6.3 million in cash and shares. Skychain Technologies Inc. entered into an agreement to acquire 20 MW Cryptomining Hosting Facility in Sherbrooke, Quebec from 1151203 B.C. Ltd on January 6, 2021. The cash portion of the consideration is CAD 3 million, of which half is payable upfront and half within 48 months, paid in installments equal to a maximum of 60% of EBITDA until fully paid and any remaining balance payable on the due date. The share portion of the consideration is CAD 2.5 million, or a total of 5 million shares issuable as to 3 million shares upfront and the balance of the shares after certain cash payments are made. Funding is expected to be provided by conventional commercial lending and equity. Skychain Technologies announces that the private placement announced to issue 1,315,800 common shares at a price of CAD 0.95 per share is withdrawn and replaced by an offering to issue 1,315,800 units at a price of CAD 0.95 per unit to raise CAD 1.25 million. The proceeds from the placement and the loan will be used to complete the purchase and upgrade in the Sherbrook facility. A review of financial information by auditors and legal due diligence are nearing completion. Payment terms will be establish upon completing the three month of Due Diligence. The transaction is subject to several conditions including the execution of a definitive agreement, due diligence and necessary regulatory approvals including from the TSX Venture Exchange. The transaction is expected to close sometime in Q1 2021. Skychain Technologies Inc. (TSXV:SCT) cancelled the acquisition of 20 MW Cryptomining Hosting Facility in Sherbrooke, Quebec from 1151203 B.C. Ltd on May 21, 2021. Transaction was terminated as the Exchange Approvals have not been received within the stipulated time.