22:10:37 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Green Valley Mine Inc (2)
Symbol GVY
Shares Issued 19,543,383
Close 2018-09-19 C$ 0.40
Market Cap C$ 7,817,353
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Green Valley completes Miningsky Technology acquisition

2018-09-19 09:19 ET - News Release

Mr. Bill Zhang reports

GREEN VALLEY COMPLETES ACQUISITION OF MININGSKY TECHNOLOGY LTD. AND CLOSES CONCURRENT FINANCING

Green Valley Mine Inc. has completed its acquisition of Miningsky Technology Ltd. Pursuant to a share exchange agreement with Miningsky Technology and shareholders of Miningsky Technology dated Sept. 10, 2018, Green Valley acquired from Miningsky Technology's shareholders 100 per cent of the issued and outstanding Class A shares on a one-to-one basis. Each shareholder of Miningsky Technology received one common share of Green Valley for each Miningsky Technology Class A share acquired by Green Valley. In the aggregate, Green Valley issued 4,181,132 common shares to the Miningsky Technology Class A shareholders.

Miningsky Technology is now a wholly owned subsidiary of Green Valley; the business of Miningsky Technology is the business of Green Valley. The Miningsky Technology transaction constituted a change of business, as defined under the policies of the TSX Venture Exchange, and Green Valley will operate as a Tier 2 technology issuer moving forward. The business of Miningsky Technology is described in detail in Green Valley's filing statement dated Aug. 24, 2018. In connection with Green Valley's move into the cryptomining sector, Green Valley will change its name to Skychain Technologies Inc., effective as of Tuesday, Sept. 25, 2018. The common shares of Green Valley will commence trading on the TSX-V as common shares of Skychain Technologies on Sept. 25, 2018.

Green Valley has completed a non-brokered private placement concurrent with the closing of the share exchange agreement by issuing 3,389,665 common shares at a price of 30 cents for aggregate gross proceeds of $1,016,899.50. At closing of the share exchange agreement, Green Valley also completed the balance of a non-brokered private placement financing previously announced in news releases dated Feb. 13, 2018, and Aug. 29, 2018, using funds held in trust. The financing for the in-trust private placement is reflected in note No. 12 of Green Valley's audited financial statements for the year ended March 31, 2018. Green Valley issued 4,313,168 common shares at a price of 30 cents for aggregate proceeds of $1,293,950 to complete the in-trust private placement. In connection with the concurrent private placement and the in-trust private placement, finders' fees of 758,677 common shares (at a deemed price of 30 cents per share) were issued. All securities issued under the private placements, including the finders' shares, bear a hold period of four months and one day.

Bill Zhang, Green Valley Mine's chief executive officer, commented: "We are pleased to have completed the process of acquiring Miningsky Technology and look forward to trading under our new symbol TSX-V-SCT early next week. The opportunities that our business model creates should provide a strong future for our current and new shareholders."

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