/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, April 20, 2021 /CNW/ - mCloud Technologies
Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, artificial intelligence ("AI") and
analytics, ") is pleased to announce that it intends to complete a
non-brokered offering of up to 300,000 units of the Company (the
"Units") at a price of $2.10 per Unit
for gross proceeds of up to $630,000
(the "Offering"). Each Unit consists of one common share (a "Unit
Share") and one common share purchase warrant of the Company (each
common share purchase warrant, a "Warrant"). Each Warrant will
entitle the holder thereof to acquire one Common Share ("Warrant
Share") at an exercise price of $2.85
per Warrant Share at any time prior to 5:00
p.m. (Mountain Standard Time) on April 15, 2024.
Subject to receipt of all required approvals, including the
approval of the TSX Venture Exchange (the "TSXV"), the Offering is
expected to be completed within the next several days. The Company
expects to use the net proceeds of the Non-Brokered Offering to
advance the Company's Alberta-led
ESG and oil and gas decarbonization agenda, including the
commercialization of its new AssetCare™️ fugitive gas and leak
detection solution, and for working capital and general corporate
purposes.
The Non-Brokered Offering will be completed (i) in certain
provinces of Canada, other than
Quebec, by way of a prospectus
supplement (the "Non-Brokered Prospectus Supplement") to the
Company's short form base shelf prospectus dated April 28, 2020 for Nunavut and its amended and restated short
form base shelf prospectus dated April 28,
2020 in the provinces of Canada (together, the "Base Shelf
Prospectus"), and the Non-Brokered Prospectus Supplement will be
filed with the securities commissions or similar securities
regulatory authorities in each of the provinces of Canada and in Nunavut, (ii) on a private placement basis in
the United States to persons who
are either (A) "qualified institutional buyers", as such term is
defined in Rule 144A under the U.S. Securities Act, or (B)
"accredited investors", as such term is defined in Rule 501(a) of
Regulation D, and, in each case, in compliance with Rule 506(b) of
Regulation D and applicable U.S. state securities laws, and (iii)
outside Canada in such
jurisdictions as may be determined by the Company, provided that no
prospectus filing or comparable obligation arises and the Company
does not thereafter become subject to continuous disclosure
obligations in any such jurisdiction.
The Non-Brokered Prospectus Supplement and the Base Shelf
Prospectus will contain important detailed information about the
Offering. Copies of the Non-Brokered Prospectus Supplement,
following the filing thereof, and the Base Shelf Prospectus will
be available on the Company's profile on SEDAR at
www.sedar.com.
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 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 TSXV under the symbol MCLD
and on the OTCQB under the symbol MCLDF. mCloud's convertible
debentures trade on the TSXV 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" and "forward-looking statements" within the meaning of
applicable securities laws. 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 includes, but is not
limited to, information related to the proposed completion of the
Offering and the proposed use of proceeds of the Offering.
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 a number of risks including, without limitation, the
risks discussed under the heading "Risk Factors" in the Company's
annual information form dated April 12,
2021 and in the Prospectus Supplement. 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. A number of risks, uncertainties and other
factors could cause actual results to differ materially from the
results discussed in the forward-looking information contained
herein.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions, including, but not limited to
the following: the Company will remain in compliance with
regulatory requirements; the Company will have sufficient working
capital and will, if necessary, be able to secure additional
funding necessary for the continued operation and development of
its business; key personnel will continue their employment with the
Company and the Company will be able to obtain and retain
additional qualified personnel, as needed, in a timely and cost
efficient manner; and general economic conditions and global
events, including the impact of COVID-19.
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. 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.