Company to also provide update on
AssetCare™ Fugitive Gas solution on December 7, 2021
CALGARY, AB, Dec. 6, 2021 /PRNewswire/ - mCloud
Technologies Corp. (Nasdaq: MCLD) (TSXV: MCLD) ("mCloud" or the
"Company"), a leading provider of AI-powered asset management and
Environmental, Social, and Governance ("ESG") solutions today
announced, further to the close of its underwritten public offering
of 2,100,000 units at a price of US$4.50 per unit (the "Offering Price") as
announced on November 29, 2021, Maxim
Group LLC (the "Underwriter") exercised their over-allotment option
in full to purchase an additional 315,000 common shares at the
Offering Price.
The proceeds from the over-allotment option were US$1,417,500. The aggregate gross proceeds of the
public offering including the over-allotment option were
US$10,917,500.
The Underwriter acted as sole book-running manager for the
offering.
mCloud currently intends to use the net proceeds from the
offering for growth initiatives in Saudi
Arabia and the Middle East,
acceleration of ESG optimization applications, and for working
capital and general corporate purposes.
The public offering was made pursuant to an effective
registration statement on Form F-10 (File No. 333-260264) under the
U.S./Canada Multijurisdictional Disclosure System, previously filed
with the U.S. Securities and Exchange Commission (SEC) on
October 15, 2021, as amended on
November 19, 2021, which includes the
Company's amended and restated short form base shelf prospectus
dated November 18, 2021 and was
declared effective on November 23,
2021. The securities were offered only by means of a
prospectus. A final prospectus supplement was filed with the SEC on
November 26, 2021 and forms a part of
the effective registration statement. Copies of the final
prospectus supplement and accompanying prospectus relating to the
public offering may be obtained by contacting Maxim Group LLC, at
300 Park Avenue, 16th Floor, New York,
NY 10022, Attention: Syndicate Department, or by telephone
at (212) 895-3745 or by email at syndicate@maximgrp.com.
None of the securities were offered for sale or sold in
Canada.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
AssetCare Fugitive Gas Update with Natural Gas Innovation
Fund on December 7, 2021
The Company also announced today Allana
Black, mCloud's principal ESG Solutions Lead, will be
speaking at a webinar hosted by the Natural Gas Innovation Fund
("NGIF") on December 7, 2021 at
11am MT / 1pm
ET.
Black will share insight into how mCloud is validating its
previously-announced AssetCare Fugitive Gas and Leak Detection
solution in collaboration with NGIF. The webinar will also feature
conversations with NGIF's technical and instrumentation design
teams, and other companies who are currently testing their
emissions solutions at the NGIF Emissions Testing Centre.
mCloud's collaboration with NGIF is being conducted in
anticipation of requiring an initial certification of the solution
in the first half of 2022 by organizations who are in the process
of adopting the Company's AssetCare solution. This includes initial
deployments with first-run customers in North America and the Middle East.
As announced in June of this year, mCloud is launching an
AssetCare solution that will enable the continuous
inspection and correction of gas leaks at oil and gas
facilities, known to be one of the primary causes of harmful
emissions in the sector. Research from McKinsey and Company
indicates nearly half of all oil and gas emissions can be
traced to these "fugitive gas" emissions, the unintended
release of harmful gases such as methane from industrial
equipment including pipelines, wells, and storage
tanks.
Those interested in attending the Webinar are invited to visit
www.ngif.ca/ngif-events/ for more information and to register.
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.
With a worldwide presence and offices in San Francisco, Vancouver, Calgary, London, Perth, Singapore, and Beijing, 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 63,000 assets connected in thousands of locations worldwide,
mCloud is changing the way energy assets are managed.
mCloud's common shares trade in the
United States on the Nasdaq and in Canada on the TSX Venture Exchange under the
symbol MCLD. 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 and forward-looking statements contained herein may
include statements regarding plans to certify its solution in the
first half of 2022 in anticipation of customer requirements.
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.A more complete discussion of the risks
and uncertainties facing the Company appears in the prospectus
supplement, the base shelf prospectus and the registration
statement and in the Company's Annual Information Form and other
continuous disclosure filings, which are available on SEDAR at
www.sedar.com and EDGAR at www.sec.gov. 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.
View original
content:https://www.prnewswire.com/news-releases/mcloud-closes-over-allotment-option-for-underwritten-public-offering-301437691.html
SOURCE mCloud Technologies Corp.