Vancouver, British Columbia--(Newsfile Corp. - September 16, 2024) - SkyChain Technologies Inc. (TSXV: SCT.H) (the "Company" or "Skychain") is pleased to announce that it is calling its annual general and special meeting (the "Meeting") of the Company to be held on November 7, 2024 with a record date of October 3, 2024. More details of the Meeting will be provided in the management information circular (the "Circular") to be delivered to shareholders prior to the Meeting.
The Company is aware that certain parties ("Small Minority Dissidents") have attempted to requisition a shareholders meeting (the "Failed Effort") of the Company on October 10, 2024 pursuant to the Business Corporation Act (British Columbia) (the "Act"), but the Failed Effort for a requisitioned shareholders meeting is invalid and not properly called pursuant to the Act. However, management of the Company has nonetheless taken the necessary steps to properly call the Meeting at the earliest practicable date on November 7, 2024. The Failed Effort is invalid under the Act, has no effect under applicable corporate law, and will not be recognized by the Company or under applicable corporate or securities laws.
Pursuant to an order by the British Columbia Securities Commission dated August 5, 2022, the Company is subject to a cease trade order (the "CTO") and trading of the Company's common shares has been suspended. However, the Company has been taking, and will continue to take action to rectify and revoke the CTO in order to again provide for trading and liquidity for the Company's common shares as soon as possible in order to preserve and maximize value for shareholders.
The Company has become aware that the Small Minority Dissidents or people acting in concert with them may have attempted to arrange for the future purchase and sale of common shares of the Company, possibly in exchange for an agreement to vote of common shares at a shareholders meeting. As the Company is subject to the CTO, any activities by anyone in the furtherance of a trade in contravention of the CTO, such as negotiating or entering into an agreement or arrangement for the purchase and sale of common shares of the Company, are prohibited under applicable securities law. All persons engaged in such prohibited activities, including the Small Minority Dissidents should this be the case, are subject to investigation and prosecution by securities regulatory authorities, and the Company wishes to caution all persons against participating in such prohibited activities.
The Company will present to the shareholders at the Meeting its most recent completed financial statements, conduct annual general and special business, discuss the proactive steps and progress the Company is making towards rectifying the CTO and restoring liquidity and shareholder value. The Company looks forward to updating and meeting with its shareholders at the Meeting on November 7, 2024.
About Skychain Technologies Inc.
Skychain Technologies Inc. is a Vancouver based company providing crypto/data centre and NFT and valued added services. To learn more, visit skychaintechnologiesinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Don Gordon, President and CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the Company can fulfill such forward-looking statements and the Company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
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