mCloud Commences Closing of the First Tranche of Previously Announced Non-Brokered Common Share Offering

mCloud Technologies Corp.  a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets  announced it is preparing to close a first tranche of a non-brokered offering of common shares of the Company, originally announced on November 1, 2022 and upsized to US$18.0 million on November 10, 2022 (the “Offering”). The Company expects the gross proceeds of the first tranche to be approximately US$8.0 million, resulting in the issuance of approximately 7,017,544 common shares at a price per share of US$1.14.

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mCloud also announced it intends to increase the size of the Offering from US$18.0 million to up to US$20.0 million.

Subsequent tranches of the Offering are expected to be completed by the end of December. The Company plans to use the net proceeds of the Offering to accelerate the deployment of the Company’s sustainability and decarbonization capabilities on Google Cloud.

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 in accordance with applicable securities legislation.

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The Company also noted the progress being made in parallel with its F-1 registration statement filed with the SEC in connection with its preferred share offering (the “Preferred Offering”) previously announced on May 16, 2022. The Company is currently preparing for the Preferred Offering to proceed, reaffirming its plans to repay in full the outstanding principal and accrued interest under its outstanding convertible debentures upon completion of the Preferred Offering.

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.

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