- New AssetCare™️ contracts at six oil and gas facilities in
Alberta since February
announcement
- Plans first major ESG rollout of AssetCare fugitive gas
emission detection solution in Alberta mid-Q2 2021
- Continues to close growth capital through convertible equity
debenture
CALGARY, AB, March 2, 2021 /CNW/ - mCloud Technologies
Corp. (TSXV: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, artificial intelligence ("AI") and
analytics, today provided an update on progress made since
announcing a partnership with Invest Alberta Corporation ("IAC") on
February 2, 2021. mCloud announced it
had signed new AssetCare contracts at six oil and gas facilities in
Alberta, including the adoption of
mobile connected worker and connected asset solutions by multiple
oil and gas companies in the province.
The Company also announced plans to deliver the first major
customer rollout of its new AssetCare fugitive gas emission and
leak detection solution in the province during the second quarter
ending June 30, 2021 ("Q2 2021").
This solution is one of the Company's key Environmental, Social,
and Governance ("ESG") applications that will drive major carbon
emission reductions for AssetCare customers in Alberta and abroad.
Outside of its activities in Alberta, mCloud indicated it is seeing
continued success internationally with the recent addition of
AssetCare contracts at 12 new locations around the world, including
sites in Asia-Pacific and
Greater China, with plans to have
these solutions delivered in the coming weeks. Among these
solutions are connected oil and gas applications derived from
mCloud's acquisition of kanepi Group Pty Ltd ("kanepi") in late
2020 and now the foundation of the Company's AssetCare Enterprise
offering for strategic customer rollouts of mCloud technology.
"We are adding new connected assets and workers to our AssetCare
portfolio every day," said Russ
McMeekin, mCloud President and CEO. "As we see businesses
finding their path past the current global pandemic, we are on
track to achieving our near-term objective of having 70,000
connected assets under management."
mCloud Closes Fifth Tranche of Convertible Equity
Debenture
The Company also announced today it had closed February
subscribers in the fifth 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$0.450 million. The
Company has raised an aggregate of US$7.033
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 fifth 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$38,250 as cash compensation; ii)
27,000 broker warrants, each exercisable for a common share of
the Company (a "Common Share") at a price of US$2.20 per Common Share. The Company also wishes
to update the Broker Warrants payable to American Trust in the
previous tranches of the Offering in accordance with the mutually
revised agreement. In the first, second, third and fourth
tranches of the Offering, the Company issued 3,000 Broker Warrants
with a an exercise price of US$1.48 per Common Share, 112,200 Broker
Warrants with an exercise price of US$1.52 per Common Share, 76,200 Broker
Warrants with an exercise price of US$1.85 per Common Share, and 24,000 Broker
Warrants with an exercise price of $2.07 per Common Share, respectively.
About the Debentures
The Debentures will bear interest from each applicable issuance
date at 8% per annum, calculated and paid quarterly on the last day
of March, June, September and December of each year. Interest will
be paid in Common Shares or cash at the election of the Company.
The first interest payment will be made on March 31, 2021 and will consist of interest
accrued from and including the closing of each tranche of the
Offering (each, a "Closing Date") to March 31, 2021. The Debentures will mature on the
date that is 36 months following the Closing Date (the "Maturity
Date").
The principal amount of the Debentures will be convertible into
Common Shares (each, a "Debenture Share") at the option of
the holder at any time prior to the close of business on the last
business day immediately preceding the Maturity Date. The
conversion price per Debenture Share is 110% of the lower of i) the
volume weighted average trading price of the Common Shares on the
TSX Venture Exchange for the five trading days preceding the
Closing Date and ii) the closing price of the Common Shares on the
TSX Venture Exchange on the day prior to the Closing Date, subject
to adjustment in certain events (the "Conversion Price").
The Conversion Price of the Debentures issued under the fifth
tranche of the Offering is US$2.22
per Debenture Share.
The principal amount of Debentures outstanding will be repayable
in Common Shares or cash at the election of the Company on the
Maturity Date.
The net proceeds from the Offering will be used for working
capital purposes. All securities issued under the Offering will be
subject to a statutory four month hold period. The Offering is
subject to the approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities in the United States. The securities issued under
the Offering 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 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 for 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 Calgary,
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
59,000 assets connected in thousands of locations worldwide, mCloud
is changing the way energy assets are managed.
mCloud's common shares trade on the TSX Venture Exchange under
the symbol MCLD and on the OTCQB under the symbol MCLDF. mCloud's
convertible debentures trade on the TSX Venture Exchange 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" 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,
plans for a major rollout of a new fugitive gas emissions solution,
and the timeline for completing the addition of new connected
assets globally.
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.
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 mCloud Technologies Corp.