14:06:46 EST Sat 28 Jan 2023
Enter Symbol
or Name

mCloud Technologies Corp (3)
Symbol MCLD
Shares Issued 16,224,870
Close 2022-12-06 C$ 1.49
Recent Sedar Documents

mCloud to close $8M (U.S.) first tranche of offering

2022-12-06 18:10 ET - News Release

An anonymous director reports


mCloud Technologies Corp. is preparing to close a first tranche of a non-brokered offering of common shares of the company, originally announced on Nov. 1, 2022, and upsized to $18.0-million (U.S.) on Nov. 10, 2022. The company expects the gross proceeds of the first tranche to be approximately $8.0-million (U.S.), resulting in the issuance of approximately 7,017,544 common shares at a price per share of $1.14 (U.S.).

mCloud also announced today it intends to increase the size of the offering from $18.0-million (U.S.) to up to $20.0-million (U.S.).

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 Securities and Exchange Commission in connection with its preferred share 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.

About mCloud Technologies Corp.

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, artificial intelligence 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.

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