/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, July 6, 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, is pleased to announce the closing of its previously
announced public offering of 3,150,686 units of the Company
(the "Units"), which includes the exercise in full of the
over-allotment option, at a price of $3.65 per Unit, for aggregate gross proceeds
to the Company of $11,500,003 (the
"Offering"). The syndicate of underwriters for the Offering was
co-led by Raymond James Ltd. and Eight Capital, and included
Gravitas Securities Inc. and Paradigm Capital Inc.
"The market's response to the Offering has been outstanding and
we are very pleased that we have reached a full over-allotment,"
said Russ McMeekin, mCloud President
and CEO.
"The customer response to the combined capabilities provided by
kanepi Group Pty Ltd and our AssetCare™ platform has been
incredible," McMeekin added. "This acquisition takes mCloud to over
one million directly addressable assets across all corners of the
oil and gas world, positioning us to be the front-runner and
leading industry standard for process solutions combining IoT, AI,
and the cloud."
Each Unit is comprised of one common share (a "Common Share")
and one-half of one common share purchase warrant of the Company
(each whole common share purchase warrant, a "Warrant"). Each
Warrant is exercisable to acquire one common share of the Company
(a "Warrant Share") until July 6,
2022 at an exercise price of $4.75 per Warrant Share, subject to
adjustment in certain events.
The TSX Venture Exchange (the "TSXV") has conditionally
approved the listing of the Common Shares and Warrants on the TSXV.
The Warrants are expected to commence trading on the TSXV on or
about July 8, 2020, subject to the
satisfaction of all listing conditions.
The Company intends to use the net proceeds of the Offering, in
part, to satisfy payment of the cash consideration payable on
closing pursuant to the proposed acquisition of kanepi Group Pty
Ltd announced on June 25, 2020, with
the remaining net proceeds to be used for working capital and
general corporate purposes.
The Offering was completed by way of a prospectus supplement to
the Company's short form base shelf prospectus dated April 28, 2020 for Nunavut and its amended and restated short
form base shelf prospectus dated April 28,
2020.
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 any such securities in the United States, nor shall there be any sale
of any such 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 TSXV under the symbol MCLD
and on the OTCQB under the symbol MCLDF. mCloud's convertible
debentures trade on the TSXV 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" and "forward-looking statements" within the meaning of
applicable securities laws. 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, but is not
limited to, information related to the proposed use of the net
proceeds of 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" in the Company's
annual information form dated June 24,
2020. 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. A
number of risks, uncertainties and other factors could cause actual
results to differ materially from the results discussed in the
forward-looking information contained herein.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions, including, but not limited to
the following: the Corporation will be able to successfully
consolidate kanepi's operations and technology with the Company's
operations and technology; the Company will be able to realize
synergies with kanepi's business; kanepi's customers and employees
will remain customers and employees, respectively, of the Company
following the completion of the transaction; the Company will
remain in compliance with regulatory requirements; the Company will
have sufficient working capital and will, if necessary, be able to
secure additional funding necessary for the continued operation and
development of its business; key personnel will continue their
employment with the Company and the Company will be able to obtain
and retain additional qualified personnel, as needed, in a timely
and cost efficient manner; and general economic conditions and
global events, including the impact of COVID-19.
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. 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 mCloud Technologies Corp.