Skkynet Cloud Systems, Inc. (OTCBB:SKKY) announced a private placement of 510,000 shares at $0.725 per share for gross proceeds of $369,750 on January 2, 2014. The par value of the shares is $0.001 per share and the company will issue the shares at a premium. The company will issue the securities pursuant to exemption provided under Regulation D to various accredited investors.

The company expects the closing of the transaction to occur by January 15, 2014.