mCloud Technologies Corp. a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets today provided an update on its financing activities.
On December 28, 2022, mCloud announced it had closed an initial US$10.5 million public offering of 9.0% Series A Cumulative Perpetual Preferred Shares and Warrants. The Company re-affirmed today it intends to continue closing additional proceeds under its Form F-1 registration statement with the US Securities and Exchange Commission (the “SEC”), which became effective on December 22, 2022.
On December 6, 2022, mCloud announced it had commenced the closing process of initial proceeds from a non-brokered offering of common shares of the Company, originally announced on November 1, 2022 (the “Offering”). mCloud continues to make progress with the Offering. Given the complex requirements to close these proceeds, the Company now expects to complete this Offering around the end of February.
The Company plans to use the net proceeds from the Offering to retire certain debts and provide working capital to support initiatives such as the accelerated deployment of the Company’s sustainability and decarbonization capabilities on Google Cloud and expansion in key strategic markets including Saudi Arabia.
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Completion of the Offering remains subject to receipt of all required approvals, including the final approval of the TSX Venture Exchange. The securities issued under the Offering will be subject to a four-month hold period from the date of issuance 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.
SOURCE: PR Newswire