mCloud Provides Update on Financing Activities

Rhea-AI Summary

mCloud Technologies Corp. (NASDAQ: MCLD) announced an update on its financing activities as of February 3, 2023. The company has closed a US$10.5 million public offering of 9.0% Series A Cumulative Perpetual Preferred Shares and intends to pursue further proceeds under its Form F-1 registration with the SEC. Additionally, mCloud is progressing on a non-brokered offering of common shares, expected to close by the end of February. Proceeds will be utilized for debt retirement and to support the company's initiatives in sustainability and decarbonization, particularly in Saudi Arabia.

Positive

• Closed a US$10.5 million public offering.
• Plans to use proceeds for debt reduction and working capital.
• Focus on sustainability and decarbonization initiatives.

Negative

• Completion of the offering is subject to regulatory approvals.
• Complex requirements may delay additional proceeds from the offering.

SAN FRANCISCO, Feb. 3, 2023 /PRNewswire/ - 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 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.

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.

About mCloud Technologies Corp.

mCloud is unlocking the untapped potential of energy-intensive assets with cloud-based solutions that curb energy waste, maximize energy production, eliminate harmful emissions, and get the most out of critical energy infrastructure. Through mCloud's portfolio of AssetCare^® solutions, mCloud enables asset owners and operators in energy- and asset-intensive industries such as oil and gas, wind, and commercial facilities to use cloud-based digital twins, AI, and analytics to optimize asset performance, reliability, and sustainability. mCloud has a worldwide presence with offices in North America, Europe, the Middle East, and Asia-Pacific.  mCloud's common shares trade in the United States on Nasdaq and in Canada on the TSX Venture Exchange under the symbol MCLD. Visit mcloudcorp.com to learn more.

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 contained herein includes information related to the completion of the proposed Offering, the receipt of the final approval of the TSX Venture Exchange for 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.

A more complete discussion of the risks and uncertainties facing the Company appears 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 to download multimedia:https://www.prnewswire.com/news-releases/mcloud-provides-update-on-financing-activities-301738747.html

SOURCE mCloud Technologies Corp.

FAQ

What is the latest financing update from mCloud Technologies (MCLD)?

mCloud Technologies announced it closed a US$10.5 million public offering on December 28, 2022, and is pursuing additional proceeds under its Form F-1 registration with the SEC.

How does mCloud plan to use the proceeds from its financing activities?

The proceeds are intended for debt retirement and to support sustainability and decarbonization initiatives, particularly in Saudi Arabia.

When is mCloud expected to complete its non-brokered offering of common shares?

The non-brokered offering of common shares is expected to close around the end of February 2023.

What are the risks associated with mCloud's new financing activities?

The completion of the offering is subject to obtaining regulatory approvals and may face delays due to complex requirements.