SAN FRANCISCO, October 26, 2022 /PRNewswire/ – mCloud Technologies Corp. MCLD MCLD(“mCloud” or the “Company”), a leading provider of AI-enabled wealth management and environmental, social and governance (“ESG”) solutions, announced today that it is proposing agreements to obtain unsecured, non-convertible loans from a group of independent strategic investors (the “Lenders”), pursuant to which mCloud will approximately borrow $2 million, or such greater amount as the parties may agree (the “Loan”). The loan bears interest at 15% per annum and the loan maturity date is the date which is 8 months after the date the lenders make the loan to the company.
Subject to the approval of the TSX Venture Exchange (the “TSXV”), the Company will issue an aggregate of up to 2,127,660 stock purchase warrants to lenders in incentivization of the loans (the “Loan Bonus Warrants”). Each Loan Bonus Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.94 until the date five years after the date the Company issues the Loan Bonus Warrants to the Lenders. All securities issued in connection with the loan are subject to a four month statutory hold period.
Proceeds from the loan will be used to support the Company’s ongoing growth initiatives and for general working capital purposes.
About mCloud Technologies Corp.
mCloud unlocks the untapped potential of energy-intensive assets with AI and analytics, curbs energy wastage, maximizes energy production, and gets 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 to the cloud, where AI and analytics are applied to maximize their performance.
With a worldwide presence and offices in San…
