SAN
FRANCISCO, Dec. 6, 2022 /CNW/ - mCloud
Technologies Corp. (Nasdaq: MCLD) (TSXV: MCLD), ("mCloud" or
the "Company") 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.
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,
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.
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 harbor 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
herein includes information related to the completion of the
proposed Offering and the receipt of the final approval of the TSX
Venture Exchange for the Offering, the completion of the Preferred
Offering, the proposed used of proceeds of the Offering, and the
proposed repayment of the Company's outstanding convertible
debentures.
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.
A more complete discussion of the risks and uncertainties facing
the Company appears in the Company's Annual Information Form and
other continuous disclosure filings, which are available on SEDAR
at www.sedar.com and EDGAR at www.sec.gov. 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. All subsequent written and oral
forward-looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE mCloud Technologies Corp.
