Universal mCloud Corp (TSX-V: MCLD) has received a $13 million loan from Integrated Private Debt Fund VI.
The proceeds will be used to support the recent acquisition of Autopro Automation Consultants Inc, a Calgary-based engineering consulting firm specializing in automation solutions, reduce debt, and provide working capital.
Based in Vancouver, Universal mCloud provides artificial intelligence-enabled technology solutions to help businesses manage their energy assets.
Universal mCloud Closes C$13 Million Secured Debt Financing
VANCOUVER, Aug. 8, 2019 /CNW/ – Universal mCloud Corp. (TSX-V: MCLD) (OTCQB: MCLDF) (“mCloud” or the “Company”), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence (“AI”) and analytics, is pleased to announce it has entered into a credit facility with Integrated Private Debt Fund VI LP in the amount of C$13,000,000 (the “Loan”). Proceeds of the Loan will be used to fund the repayment of certain outstanding notes of the Company related to its recent acquisition of Autopro Automation Consultants Inc. (“Autopro”), which was previously announced on July 11, 2019, and for working capital purposes. The Loan has a term of seven years at an interest rate of 6.85% per annum. mCloud will make blended monthly payments of principal, based on a twelve year amortization schedule, and interest. The Loan is secured against the assets of Autopro and certain other assets of mCloud.
In addition, the Company intends to settle a debt owed to GBCC Corporation, (the “Creditor”), mCloud’s advisor on Chinese market expansion opportunities with major building and wind turbine operations, in the amount of C$60,000 through the issuance of common shares of the Company (the “Debt Settlement”) at a price per share determined by the board of directors of the Company, subject to compliance with the policies of the TSX Venture Exchange.
The issuance of the common shares to the Creditor is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four-month hold period under applicable securities laws.
About Universal mCloud Corp.
Universal mCloud is creating a more efficient future with the use of AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud’s AI-powered AssetCare™ platform, mCloud offers complete asset management solutions to three distinct segments: smart buildings, wind energy, and oil and gas. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance. Headquartered in Vancouver, Canada, the mCloud family includes an ecosystem of operating subsidiaries that delivers high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. With over 100 blue chip customers and more than 28,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed. For more information, visit www.mcloudcorp.com.
For further information: Craig MacPhail, NATIONAL Capital Markets, T: 416-586-1938, firstname.lastname@example.org; Chantal Schutz, Chief Financial Officer, Universal mCloud Corp., T: 604-669-9973