mCloud Announces Unsecured Loan Proposal from Strategic Investors


SAN FRANCISCO, October 26, 2022 /PRNewswire/ – mCloud Technologies Corp. (Nasdaq: MCLD) (TSX-V: MCLD), (“mCloud” or the “Company”), a leading provider of asset management and environmental, social and governance (“ESG”) solutions ) AI-based, today announced that it proposes to enter into agreements to receive unsecured, non-convertible loans from a group of arm’s length strategic investors (the “Lenders”), pursuant to which mCloud will borrow approximately $2 million, or any higher amount agreed by the parties (the “Loan”). The Loan will bear interest at the rate of 15% per annum and the maturity date of the Loan will be the date falling 8 months after the date on which the Lenders make the Loan to the Company.

Subject to the approval of the TSX Venture Exchange (the “TSXV”), the Company will issue up to an aggregate of 2,127,660 equity warrants to the lenders as an inducement for the loans (the “Warrants”). loan subsidy”). Each loan warrant will entitle its holder to purchase one common share of the Company at an exercise price of $0.94 until the date which is five years after the date on which the Company issued the Bonus Loan Warrants to the Lenders. All securities issued under the loan will be subject to a statutory hold period of four months.

The loan proceeds will be used to support the company’s ongoing growth initiatives and for general working capital purposes.

About mCloud Technologies Corp.

mCloud unlocks the untapped potential of energy-intensive assets through AI and analytics, reducing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud’s AI-powered AssetCare™ platform, mCloud offers comprehensive asset management solutions for commercial buildings, renewable energy, healthcare, heavy industry and connected workers. IoT sensors bring data from connected assets to the cloud, where AI and analytics are applied to maximize their performance.

With a global presence and offices in San Francisco, Vancouver, Calgary, London, Perth, Singaporeand beijing, the mCloud family includes an ecosystem of operating subsidiaries that provide customers with high-performance IoT, AI, 3D and mobile capabilities, all integrated with AssetCare. With over 100 blue chip customers and over 67,000 connected assets in thousands of locations worldwide, mCloud is changing the way energy assets are managed.

Common shares of mCloud are trading United States on the Nasdaq and in Canada on the TSX Venture Exchange under the symbol MCLD. For more information, visit

Forward-looking information and statements

This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or of the current condition, but rather represent only the Company’s beliefs regarding future events, plans or objectives, many of which, by their nature , are inherently uncertain. and outside 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 “anticipates”, “expects” or “does not expect”, “is expected”, ” budget”, “planned”, “estimates”, “plans”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of these words and expressions or may contain statements that certain actions, events or results “may”, “could”, “would”, “could” or “will be taken”, “will continue”, “will occur” or “will be realized”. The forward-looking information contained in herein may include information related to completing the loan transaction and obtaining the required approval from the TSX Venture Exchange.

By identifying such information and statements in this manner, the Company cautions the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results, level of activity, performance or achievements of the Company. 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 can be found in the Prospectus Supplement, Base Shelf Prospectus and Registration Statement as well as in the Company’s Annual Information Form and other continuous disclosure documents filed. , which are available on SEDAR at and EDGAR at 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 not those 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 the preparation of, 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 assurances or warranties can be assured 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 contained or referred to 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 are expressly qualified in their entirety by this notice.

Neither the 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.


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