VANCOUVER, Dec. 4, 2019 /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, announced that it has received the approval of the TSX Venture Exchange ("TSXV") for the listing of $23,507,500 worth of convertible debentures of the Company (the "Debentures") on the TSXV as a supplemental listing. The Debentures were issued pursuant to a debenture offering of the Company completed in tranches on June 21, 2019, June 28, 2019 and July 10, 2019 and mature on June 30, 2022. The Debentures are expected to commence trading on the TSXV under the symbol "MCLD.DB.A" at the open of the market on Thursday December 5, 2019.
Each Debenture is convertible into units of the Company (each, a "Unit") at the conversion price of $0.50 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant of the Company. The Debentures are governed by a debenture indenture between the Company and AST Trust Company (Canada) dated November 14, 2019.
About mCloud Technologies Corp.
mCloud is creating a more efficient future with the use of 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 to three distinct segments: smart facilities, power generation, and process industries including oil and gas. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance. Headquartered in Vancouver, Canada with offices in 12 locations 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 35,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed. 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.
SOURCE mCloud Technologies Corp.
For further information: Craig MacPhail, NATIONAL Capital Markets, T: 416-586-1938, [email protected]; Chantal Schutz, Chief Financial Officer, mCloud Technologies Corp., T: 604-669-9973