/THIS NEWS RELEASE IS INTENDED FOR
DISTRIBUTION IN CANADA ONLY AND IS
NOT AUTHORIZED FOR DISTRIBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
- Closes a total of approximately $5.5M vs Initially Announced $2M and Previously Upsized $4M
- Initial allocation of proceeds:
-
- Initial customer Smart Building Complex Implementation in
China
- North America Drone Data Capture targeting several Wind
Turbine Farms
VANCOUVER, May 24, 2018 /CNW/ - Universal mCloud Corp.
(TSX-V: MCLD) ("mCloud" or the "Company") is
pleased to announce that, further to its press release issued on
May 1, 2018, it has closed the final
tranche of its non-brokered private placement (the
"Offering").
Under the Offering, the Company issued a total of 15,716,287
units (each, a "Unit") at a price of $0.35 per Unit for aggregate gross proceeds of
5,500,702.
Each Unit consists of one common share of the Company and
one-half of one common share purchase warrant of the Company, with
each warrant exercisable at a price of $0.45 per share for a period of 36 months
following closing, subject to accelerated expiration if the 10-day
weighted average trading price of the Company's common shares is at
any time greater than $0.80.
The Company has agreed to compensate finders who introduce
purchasers in the Offering. In connection with the completion of
the second tranche of the Offering, various finders received: (a) a
cash commission equal to 7% of the gross proceeds from the sale of
Units to subscribers introduced by the finder under the second
tranche of the Offering, and (b) that number of finder warrants
which is equal to 7% of the number of Units sold to subscribers
introduced by the finder under the second tranche of the Offering,
with each finder warrant being exercisable for one common share of
the Company at a price of $0.35 per
share for a period of two years from the date of issuance.
The Company intends to use the net proceeds from the Offering
for its recently announced China
expansion, M&A activities and has recently commenced investment
in extensive wind turbine data capture via the use of highly
precise drone technology in North
America.
"We are pleased with the significant interest we are seeing from
investors provincially and nationally, as well as internationally,
in Europe, and China," said Russel McMeekin, President
and CEO of mCloud. "Their support continues to validate Industrial
AI and Analytics offerings as high-profile investment opportunities
worldwide."
All securities issued by the Company under the Offering are
subject to a statutory four month hold period in accordance with
applicable securities legislation.
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 Universal mCloud Corp.
Universal mCloud Corp.
is headquartered in Vancouver, BC
with technology and operations centers in San Francisco, CA and Bristol, PA. mCloud is an IoT connected asset
care cloud solution company utilizing connected IoT devices,
leading deep energy analytics, secure mobile and 3D technologies
that rally all asset stakeholders around an Asset-Circle-of-Care™,
providing complete real-time and historical data coupled with
guidance and advice based on deep analytics and diagnostics
resulting in optimal performance and care of critical equipment.
It's all about the asset. The powerful and secure AssetCare™
environment is accessible everywhere, 24/7 through standard mobile
devices, ruggedized headsets, and web browsers. 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 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, but is not limited to, information concerning
the Offering (including the completion of any additional tranches
of the Offering) and the use of the proceeds raised under 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.
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.
SOURCE Universal-mCloud Corp