/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN
CANADA ONLY AND IS NOT FOR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES (INCLUDING ITS TERRITORIES
AND POSSESSIONS, ANY STATE OF THE UNITED
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VANCOUVER, May 26, 2020 /CNW/ - mCloud Technologies
Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, artificial intelligence ("AI") and
analytics, today announced the proposed completion of a
C$4 million unit offering (the
"Offering") with a prominent investor based in Europe at a price per unit (each, a "Unit") of
C$4.00. Each Unit will consist of one
common share of the Company (each, a "Common Share") and one-half
of one common share purchase warrant (each whole common share
purchase warrant, a "Warrant"), with each Warrant being exercisable
to acquire one common share of the Company (a "Warrant Share") at
an exercise price of C$5.40 per
Warrant Share for a term of five years following the closing of the
Offering.
"We are proud to have attracted the attention of investors all
over the world as we continue our journey toward being listed on
the NASDAQ this year," said Chantal
Schutz, mCloud Executive Vice President and Chief Financial
Officer. "Completing this Offering with a European investor nicely
illustrates the attention we are receiving in the capital markets
because of the ongoing IoT, AI, and cloud developments we have
powered by our AssetCare™ platform."
The net proceeds of the Offering will be used for working
capital and general corporate purposes.
The Units will be offered by way of a shelf prospectus
supplement to be filed pursuant to National Instrument 44-101 -
Short Form Prospectus Distributions (the "Supplement").
Copies of the Supplement, and the amended and restated final short
form base shelf prospectus of the Company dated April 28, 2020, will be available on the
Company's profile on SEDAR at www.sedar.com. Closing of the
Offering is subject to certain conditions including, but not
limited to, the receipt of all necessary approvals including the
approval of the TSX Venture Exchange and any applicable securities
regulatory authorities.
The securities referenced herein have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended (the "1933 Act"), or any U.S. state securities laws, and
may not be offered or sold in the United
States without registration under the 1933 Act and all
applicable state securities laws or compliance with the
requirements of an applicable exemption therefrom. This news
release shall not constitute an offer to sell or the solicitation
of an offer to buy securities in the
United States, nor shall there be any sale of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About mCloud Technologies Corp.
mCloud is creating a more efficient future with the use of AI
and analytics, curbing energy waste, maximizing energy production,
and getting the most out of critical energy infrastructure. Through
mCloud's AI-powered AssetCare™ platform, mCloud offers complete
asset management solutions in five distinct segments: commercial
buildings, renewable energy, healthcare, heavy industry, and
connected workers. IoT sensors bring data from connected assets
into the cloud, where AI and analytics are applied to maximize
their performance.
Headquartered in Vancouver,
Canada with offices in twelve locations worldwide, the
mCloud family includes an ecosystem of operating subsidiaries that
deliver high-performance IoT, AI, 3D, and mobile capabilities to
customers, all integrated into AssetCare. With over 100 blue-chip
customers and more than 48,000 assets connected in thousands of
locations worldwide, mCloud is changing the way energy assets are
managed.
mCloud's common shares trade on the TSX Venture Exchange under
the symbol MCLD and on the OTCQB under the symbol MCLDF. mCloud's
convertible debentures trade on the TSX Venture Exchange under the
symbol MCLD.DB. For more information, visit www.mcloudcorp.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbour
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking information and forward-looking
statements are not representative of historical facts or
information or current condition but instead represent only the
Company's beliefs regarding future events, plans or objectives,
many of which, by their nature, are inherently uncertain and
outside of the Company's control. Generally, such forward-looking
information or forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or may contain statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "will
continue", "will occur" or "will be achieved". The forward-looking
information contained in this press release includes information
relating to the anticipated closing date of the Offering,
the filing and effectiveness of the Supplement and the
proposed use of proceeds from the Offering.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to several risks, as discussed in the Company's public
filings on www.sedar.com. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in the forward-looking
information and forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE mCloud Technologies Corp.