mCloud Amends Existing Credit Facility with Addition of C$5 Million Accordion

Rhea-AI Summary

mCloud Technologies Corp. (MCLD) announced an amendment to its credit facility with ATB Financial, increasing its available loan by an additional C$5,000,000. This facility allows mCloud to settle all debts with another financial institution and fund general corporate needs. In exchange for the additional funds, mCloud will issue non-transferable warrants for up to 183,486 common shares at an exercise price of C$5.45. The move aims to enhance mCloud's financial stability and operations.

Positive

• Amended credit facility increases available funding by C$5,000,000.
• Ability to pay off existing debts improves financial health.

Negative

• Issuance of warrants could lead to share dilution.

CALGARY, AB, Nov. 25, 2021 /PRNewswire/ - mCloud Technologies Corp. (TSXV: MCLD) (NASDAQ: MCLD) ("mCloud" or the "Company"), a leading provider of AI-powered asset management and Environmental, Social, and Governance ("ESG") solutions, announced today it is amending its credit facility with ATB Financial ("ATB").

The ATB credit facility is a C$5,000,000 margined, demand operating loan facility. This facility is available to pay out in full all indebtedness and liability owing to another financial institution, and thereafter, for the general corporate purposes of the Company. As part of the amendment, ATB is providing an additional C$5,000,000 via an accordion, subject to lender consent.

In consideration of ATB making available to mCloud additional advances under the credit facility, and subject to the approval of the TSX Venture Exchange, mCloud will grant to ATB non-transferable warrants to acquire up to 183,486 common shares at an exercise price of C$5.45 per share for a term not exceeding the earlier of three years and the term of the loan.

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 62,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed.

mCloud's common shares trade in Canada on the TSX Venture Exchange and in the United States on the Nasdaq 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.

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.

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SOURCE mCloud Technologies Corp.

FAQ

What is mCloud Technologies Corp.'s recent financial announcement regarding its credit facility?

mCloud announced an amendment to its credit facility with ATB Financial, increasing it by C$5,000,000.

How does the amendment to the credit facility affect mCloud's shareholders?

The amendment may lead to share dilution due to the issuance of warrants for common shares.

What is the exercise price of the warrants issued under the amended credit facility?

The exercise price for the warrants is C$5.45 per share.

What is the significance of the additional funding for mCloud Technologies Corp.?

The additional funding is intended to pay off existing debts and support general corporate purposes.

When was the amendment to mCloud's credit facility announced?

The amendment was announced on November 25, 2021.