Internet of Things and AI (artificial intelligence) group Universal mCloud Corp (CVE:MCLD) said it had closed its oversubscribed placing with a final tranche and brought in a total of over $4.5 million.
As revealed last week, the group said it had doubled the size of its previously announced placing to $4 million from $2 million.
The company issued more than 12.9mln units at $0.35 per unit for total gross proceeds of $4,534,719.
"We are encouraged by the strong interest we have received from investors and are pleased to have their continued support as we close this oversubscribed offering," said Russel McMeekin, president and CEO of mCloud.
"We will use the proceeds of this offering to expand our serviceable market through the acquisition of Ascent AeroSystems, a transaction we hope to close in the coming months. The remainder of the proceeds will provide general working capital."
Each unit consisted of one share and one half of a share purchase warrant, with each warrant exercisable for $0.50 per share for three months from closing.
Shares in mCloud nudged up 1.25% to $0.405.