mCloud Oversubscribes its Non-Brokered Private
Placement by more than 225%
/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/
- Attracts national and international investment
- Moves to close the recently announced Ascent AeroSystems
acquisition
- Receives overwhelming response from inaugural mCloud Connect
conference in Las Vegas, NV
- Remains on target to exceed 25,000 connected assets by
year-end
VANCOUVER, Oct. 15, 2018 /CNW/ - Universal mCloud Corp.
(TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading
provider of Artificial Intelligence and Analytics ("AI&A") and
IoT-connected asset care technology, is pleased to announce,
further to its press release issued on September 28, 2018, it has closed the final
tranche of its non-brokered private placement (the "Offering").
Under the Offering, the Company issued a total of 12,956,339
units (each, a "Unit") at a price of $0.35 per Unit for aggregate gross proceeds of
$4,534,719.
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 $0.50 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 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 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 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.
"We are encouraged by the strong interest we have received from
investors and are pleased to have their continued support as we
close this oversubscribed Offering," said Russel McMeekin, President and CEO of mCloud.
"We will use the proceeds of this Offering to expand our
serviceable market through the acquisition of Ascent AeroSystems, a
transaction we hope to close in the coming months. The remainder of
the proceeds will provide general working capital."
The securities issued under the Offering will be subject to a
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 is headquartered in Vancouver, BC with technology and operations
centers in San Francisco, CA and
Bristol, PA. mCloud is an
Artificial Intelligence and Analytics, IoT connected asset care
cloud solution company utilizing connected IoT devices, AI, 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
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.
An investment in securities of the Company is speculative and
subject to a number of risks including, without limitation, the
risks 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.
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