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Universal mCloud brings in nearly C$23.5M gross from debenture financing to expand business

The firm announced the up to C$10 million financing in May, then up-sized it to C$23 million
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The group issued a total of 234,928 debentures at a price of C$100 each

Universal mCloud Corp (CVE:MCLD)(OTCMKTS:MCLDF), the AI (artificial intelligence) and IoT (internet of things) specialist, said Friday it had closed the final tranche of its previously announced debenture financing, raising almost C$23.5 million.

The firm announced the up to C$10 million financing in May, then on June 11 it up-sized it to C$23 million due to the scale of demand.

The group on Friday said it issued a total of 234,928 debentures at a price of C$100 each for aggregate gross proceeds of C$23,492,800.

READ: Universal mCloud finalizes Fulcrum and Autopro acquisitions

"The positive response to this offering is validation that investors see the trajectory and pathway to revenue growth we are on," said Russ McMeekin, mCloud's president and CEO in a statement.

"The proceeds raised will allow us to take the necessary steps to continue expanding our business and introduce our leading AssetCare platform to new customers and segments across the globe."

In May, the tech group said it planned to use the net proceeds to satisfy outstanding cash obligations for its acquisition of Flow Capital Corp.'s royalty interest in Agnity Global as well as the proposed acquisition of CSA Inc.

Expand internationally

In addition, the company said it would use the money to fund ongoing working capital requirements and the expansion of international operations.

Via mCloud's AI-powered AssetCare platform, the company offers clients asset management solutions in three distinct segments: smart buildings, wind energy, and oil and gas.

IoT sensors bring data from these connected assets into the cloud, where AI and analytics are applied to maximize their performance.

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