The funds raised will finance the company's recently announced expansion in China, some merger & acquisition activities and will be used for general working capital purposes.
Each unit placed will comprise one share and half a warrant; paired half-warrants will entitle the holder to purchase one Universal mCloud share at a price of C$0.45.
The announcement came on the day the company reported on a successful first six months as a listed company.
The period since its listing has seen the company complete three strategic acquisitions and sign a strategic master reseller agreement with TELUS for Smart Building Solutions in Canada.
"Our balance sheet has improved significantly since our public initiation last fall through the intelligent use of our capital proceeds, the successful execution of a disciplined process in our acquisitions activities and driving hard on the most important metric in our business – connected assets, which we have more than doubled in the last six months,2 said Michael Sicuro, the co-founder, chief financial officer and chief information officer of Universal mCloud.
“This keen focus on connected assets and acquisitions, and our strategic use of operating capital has also resulted in the improvements in our P&L during the past six months and achieving near break even in the most recent quarter," he added.
Co-founder and chief executive officer, Russ McMeekin, said: "Over the past six months, we have built the technology base, resources and leadership combined with partnerships and market positioning to make mCloud a leading 'pure play' publicly listed company in the global industrial Artificial Intelligence and Analytics (AI&A) space. We expect the kind of growth and performance we executed in the last six months to continue and to be sustainable on a go forward basis."
Adjusted underlying losses (Lbitda) narrowed to C$167,813 in the first three months of 2018 from a loss of C$427,530 in the preceding three months.