mCloud Technologies Corp. (Nasdaq: MCLD) (TSXV: MCLD), (“mCloud” or the “Company”), a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets today announced that, due to strong demand, it has increased the size of its previously announced non-brokered offering of common shares of the Company from US$12.5 million to US$18.0 million at a price per share of US$1.14 per share (the “Offering”).
Subject to receipt of all required approvals, including the final approval of the TSX Venture Exchange (the “TSXV”), the Offering is expected to be completed in mid-to-late November. The Company expects to use the net proceeds of the Offering to accelerate the deployment of the Company’s sustainability and decarbonization capabilities on Google Cloud.
Russ McMeekin, mCloud President and CEO, commented:
“I am pleased by the strong interest we are seeing in this Offering. It is a testament to the strength of our strategic alignment with Saudi Vision 2030 and key customers such as Aramco. I am currently in Saudi Arabia visiting key customers, policymakers, and partners, and it is evident our AssetCare capabilities on Google Cloud are uniquely relevant as our customers seek digital sustainability solutions at scale.”
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.
