mCloud proposes to convert 99.2% of 8% convertible debentures

By Wendy Van Sickle

Columbus, Ohio, July 12 – mCloud Technologies Corp. entered into conversion agreements with holders of more than 99.2% of the outstanding principal amount of its 8% convertible subordinated debentures, according to a news release.

Under the agreement, the company will issue 6,323,360 common shares and 6,323,360 common share purchase warrants in consideration for the extinguishment of $8,809,000 principal amount and $302,730 interest.

All warrants will have a term of 36 months, and each warrant will entitle the holder to acquire one common share, subject to adjustment in certain circumstances. The company said the conversion will allow it to preserve cash and improve its balance sheet.

The conversion is subject to some conditions. After the conversion, $75,000 of the debentures will remain outstanding.

mCloud Technologies is a Vancouver, B.C.-based business that offers complete asset management solutions for commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud.

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