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Universal mCloud Announces Closing of Non-Brokered Private Placement

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  • Closes a total of approximately $5.5M vs Initially Announced $2M and Previously Upsized $4M
  • Initial allocation of proceeds:

    • Initial customer Smart Building Complex Implementation in China
    • North America Drone Data Capture targeting several Wind Turbine Farms

VANCOUVER, May 24, 2018 /CNW/ – Universal mCloud Corp. (TSX-V: MCLD) (“mCloud” or the “Company“) is pleased to announce that, further to its press release issued on May 1, 2018, it has closed the final tranche of its non-brokered private placement (the “Offering“).

Under the Offering, the Company issued a total of 15,716,287 units (each, a “Unit“) at a price of $0.35 per Unit for aggregate gross proceeds of 5,500,702.

Each Unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company, with each warrant exercisable at a price of $0.45 per share for a period of 36 months following closing, subject to accelerated expiration if the 10-day weighted average trading price of the Company’s common shares is at any time greater than $0.80.

The Company has agreed to compensate finders who introduce purchasers in the Offering. In connection with the completion of the second tranche of the Offering, various finders received: (a) a cash commission equal to 7% of the gross proceeds from the sale of Units to subscribers introduced by the finder under the second tranche of the Offering, and (b) that number of finder warrants which is equal to 7% of the number of Units sold to subscribers introduced by the finder under the second tranche of the Offering, with each finder warrant being exercisable for one common share of the Company at a price of $0.35 per share for a period of two years from the date of issuance.

The Company intends to use the net proceeds from the Offering for its recently announced China expansion, M&A activities and has recently commenced investment in extensive wind turbine data capture via the use of highly precise drone technology in North America.

“We are pleased with the significant interest we are seeing from investors provincially and nationally, as well as internationally, in Europe, and China,” said Russel McMeekin, President and CEO of mCloud. “Their support continues to validate Industrial AI and Analytics offerings as high-profile investment opportunities worldwide.”

All securities issued by the Company under the Offering are subject to a statutory four month hold period 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 Universal mCloud Corp.
Universal mCloud Corp. is headquartered in Vancouver, BC with technology and operations centers in San Francisco, CA and Bristol, PA. mCloud is an IoT connected asset care cloud solution company utilizing connected IoT devices, leading deep energy analytics, secure mobile and 3D technologies that rally all asset stakeholders around an Asset-Circle-of-Care™, providing complete real-time and historical data coupled with guidance and advice based on deep analytics and diagnostics resulting in optimal performance and care of critical equipment. It’s all about the asset. The powerful and secure AssetCare™ environment is accessible everywhere, 24/7 through standard mobile devices, ruggedized headsets, and web browsers. For more information, visit www.mCloudCorp.com.

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 may include, but is not limited to, information concerning the Offering (including the completion of any additional tranches of the Offering) and the use of the proceeds raised under 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.

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.

SOURCE Universal-mCloud Corp

View original content: http://www.newswire.ca/en/releases/archive/May2018/24/c1512.html

Contact:

Madelin Daviau, NATIONAL | Equicom, T: 416-848-9833, mdaviau@national.ca; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500

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Technology

Universal mCloud Adds Strength to Senior Management Team

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Hires Senior Executive to Accelerate Connected Assets Growth Focused on:

Expanding into Greater China which Represents the World’s Largest Regulated Global Wind Energy Market

Blockchain Technology to Enhance the Energy Data Architecture for Highly Regulated Utility Markets

VANCOUVER, Jan. 24, 2018 /CNW/ – Universal mCloud Corp. (TSX-V: MCLD) (“mCloud” or the “Company”), a leading provider of Artificial Intelligence (“AI”), Augmented Reality (“AR”) and IoT-Connected Asset-Care technology solutions, today announced that it has hired Yan Zhao as President, Greater China to lead both the Company’s strategic initiatives in China, as well as oversee the rollout of the Company’s blockchain technology designed to enhance energy data architecture in highly regulated utility markets.  Given his experience and deep knowledge of both the utilities space and global financial markets, Mr. Zhao (“Yan”) will provide much needed guidance in defining how blockchain technology will be incorporated in to mCloud’s AssetCare™ platform at the energy metering data level where critical data is exchanged within the defined market.

mCloud President, Russ McMeekin says, “We are very pleased to have Yan join our team to lead us into China, the world’s largest wind energy market, and to deploy blockchain technology within our AssetCare™ environment, initially for wind energy, where critical data of real time energy production requires the highest standards of data integrity.” According to the Global Wind Energy Council (GWEC), China continues to lead the market for wind energy . With wind capacity of 168.7 GW at the end of 2016, China held a market share in new deployments of over 42 percent. China’s commitment to renewables, with a focus on wind, is showing no signs slowing down with a goal of having 20 percent of its energy needs being met with clean energy by 2030 and pledging to invest US$367 billion in renewables by 2020. Sector consultants, Wood Mackenzie further predicts that China will average over 25 GW of new wind capacity annually for the next decade (Source:  Global Wind Energy Council (Source:  https://gwec.net/a-revealing-look-at-winds-big-markets-and-emerging-challenges/).  “We’ve recently announced a number of game changing acquisitions that greatly enhance our core AssetCare™ Wind technology for ultra-precise wind turbine analytics.  Embedding blockchain functionality combined with Yan’s leadership and deep sector expertise represents the next logical step in our plans,” continued Mr. McMeekin.

Mr. Zhao is a former CFO and Director of TSXV-listed Changfeng Energy Inc.  Prior to joining Changfeng, Mr. Zhao was the Manager, Financial Reporting, of KEYreit, a TSX listed real-estate investment trust (“REIT”).  Prior to his employment at KEYreit, Mr. Zhao spent seven years in industry and with accounting firms where he held various senior positions. Mr. Zhao began his career with PricewaterhouseCoopers and received his designation as a Chartered Professional Accountant from the Ontario Institute of Chartered Accountants in 2009. He also holds a Masters of Business Administration from McMaster University and he has extensive energy utility and Chinese energy policy experience. 

According to Mr. Zhao, “I have been evaluating mCloud’s technology position since late 2017. I have the benefit of numerous connections in the Chinese utility market and have conducted several customer needs assessments and market assessments with a very specific focus on wind energy.  Wind energy, IoT, AI and blockchain are strategic initiatives for China right now. In fact, several of these initiatives are part of the Chinese Government’s 13 Year Plans and Policies. The feedback on mCloud’s market readiness is excellent and I am very excited to be joining the mCloud team. I believe now is the perfect time to begin executing on these initiatives within the Chinese marketplace.”

About Universal-mCloud Corp.
Universal mCloud Corp. (“mCloud”) is headquartered in Vancouver, BC with technology and operations centers in San Francisco, CA and Bristol, PA. mCloud is an IoT connected asset care cloud solution company utilizing connected IoT devices, leading deep energy analytics, secure mobile and 3D technologies that rally all asset stakeholders around an Asset-Circle-of-Care™, providing complete real‐time and historical data coupled with guidance and advice based on deep analytics and diagnostics resulting in optimal performance and care of critical equipment. It’s all about the asset. The powerful and secure AssetCare™ environment is accessible everywhere, 24/7 through standard mobile devices, ruggedized headsets, and web browsers. 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 Universal-mCloud Corp

View original content: https://www.newswire.ca/en/releases/archive/January2018/24/c3809.html

Contact:

please contact Justin Canivet, NATIONAL | Equicom, T: 416-586-1942, jcanivet@national.ca; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500

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