mCloud Technologies Corp. (TSXV: MCLD) (OTCQB: MCLDF) ('mCloud' or the 'Company'), a leading provider of asset management solutions combining IoT, cloud computing, and artificial intelligence ('AI'), today announced it had closed the third tranche of its private placement offering, originally announced on December 7, 2020 (the 'Offering') of convertible unsecured subordinated debentures (the 'Debentures') at a price of US$100 per Debenture for gross proceeds of US$1.515 million.
The Company has raised an aggregate of US$6.183 million pursuant to the Offering. At its discretion, the Company expects to complete one or more additional tranches of the Offering.
In connection with the completion of the third tranche of the Offering, the Company has agreed to compensate American Trust Investment Services, Inc. ('American Trust') for its services introducing certain purchasers in the Offering to the Company. American Trust received: i) an aggregate of US$114,075 as cash compensation; ii) 41,189 broker warrants, each exercisable for a common share of the Company (a 'Common Share') at a price of US$1.85 per Common Share. 'We continue to be pleased with the US investor interest in our Offering alongside the support we have received of our partners at American Trust, a mid-western boutique broker-dealer,' said Russ McMeekin, mCloud Co-Founder, President, and CEO. 'This financing facilitates our near-term plan to connect 70,000 assets, which is the point at which our AssetCare Over Time revenues are expected to sustain our direct operating expenses on an ongoing basis.
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 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 55,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed.
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 may include information related to the Offering, the closing of additional tranches under the Offering, final approval of the TSX Venture Exchange for the Offering, and the point at which the Company's AssetCare Over Time revenues sustain direct operating expenses.
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 under the heading 'Risk Factors' on pages 29 to 46 of the Company's filing statement dated October 5, 2017. 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.
Contact:
Tel: 866-420- 1781
MCLOUD TECHNOLOGIES CORP. 
