mCloud is handed back post-maturity date interest payment

Chicago, Sept. 15 – mCloud Technologies Corp. attempted to submit an interest payment for its convertible debentures which have already come due, for which is has not yet paid the principal, according to a news release.

There is an event of default currently on the convertibles.

TSX Trust Co. decided that there was no mechanism under the indenture to make a post-maturity date payment to noteholders.

So, the interest payment has been returned to mCloud.

mCloud will now retain the interest payment and pay it when the company repays the principal amount of the debentures.

The company is awaiting regulatory approval of its pending F-1 registration statement.

Proceeds from the previously reported preferred share offering will be used to repay in full the outstanding principal and accrued interest under the debentures.

mCloud is a Calgary, Alta.-based provider of AI-powered asset management and environmental, social and governance solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.