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mCloud Technologies Corp. a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets today announced it is preparing to close a first tranche of a non-brokered offering of common shares of the Company, originally announced on November 1, 2022 and upsized to US$18.0 million on November 10, 2022 (the “Offering”). The Company expects the gross proceeds of the first tranche to be approximately US$8.0 million, resulting in the issuance of approximately 7,017,544 common shares at a price per share of US$1.14.
mCloud also announced today it intends to increase the size of the Offering from US$18.0 million to up to US$20.0 million.
Subsequent tranches of the Offering are expected to be completed by the end of December. The Company plans to use the net proceeds of the Offering to accelerate the deployment of the Company’s sustainability and decarbonization capabilities on Google Cloud.
Completion of the Offering remains subject to receipt of all required approvals, including the final approval of the TSX Venture Exchange,
The securities issued under the Offering will be subject to a four-month hold period in accordance with applicable securities legislation.
The Company also noted the progress being made in parallel with its F-1 registration statement filed with the SEC in connection with its preferred share offering (the “Preferred Offering”) previously announced on May 16, 2022. The Company is currently preparing for the Preferred Offering to proceed, reaffirming its plans to repay in full the outstanding principal and accrued interest under its outstanding convertible debentures upon completion of the Preferred Offering.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
mCloud is unlocking the untapped potential of energy-intensive assets with cloud-based solutions that curb energy waste, maximize energy production, eliminate harmful emissions, and get the most out of critical energy infrastructure. Through mCloud’s portfolio of AssetCare™ solutions, mCloud enables asset owners and operators in energy- and asset-intensive industries such as oil and gas, wind, and commercial facilities to use cloud-based digital twins, AI, and analytics to optimize asset performance, reliability, and sustainability. mCloud has a worldwide presence with offices in North America, Europe, the Middle East, and Asia-Pacific. mCloud’s common shares trade in the United States on Nasdaq and in Canada on the TSX Venture Exchange under the symbol MCLD. Visit mcloudcorp.com to learn more.
