mCloud Technologies Corp (CVE:MCLD) (OTCQB:MCLDF) said it has completed a C$4M offering with a "prominent" European-based investor as the tech group moves towards a NASDAQ listing later this year.
The group, which has created the AssetCare platform using AI and IoT technology to monitor critical infrastructure, said the financing would be at C$4 a unit, with each unit consisting of one company share and one half of a share purchase warrant.
READ: mCloud Technologies sees tenfold increase in FY 2019 revenues, jump in Q1 2020 revenues on strength in AssetCare division
Each warrant is exercisable to acquire one company share at an exercise price of C$5.40 per warrant share for five years following closing, the Vancouver-headquartered company added.
"We are proud to have attracted the attention of investors all over the world as we continue our journey toward being listed on the NASDAQ this year," Chantal Schutz, mCloud's executive vice-president and finance chief said in a statement.
"Completing this offering with a European investor nicely illustrates the attention we are receiving in the capital markets because of the ongoing IoT, AI, and cloud developments we have powered by our AssetCare platform."
The net proceeds will be used for working capital and general corporate purposes, the group added.
On Tuesday, mCloud reported a strong jump in full-year 2019 revenues, especially in the fourth quarter, driven by the strength of its AssetCare division.
It posted 2019 revenues of C$18.3 million, a tenfold rise from 2018's C$1.8 million, with fourth-quarter 2019 revenues coming in at C$10.0 million, more than 60% of which came from AssetCare solutions.
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