mCloud Amends Existing Credit Facility with Addition of C$5 Million Accordion

CALGARY, AB, Nov. 25, 2021 /PRNewswire/ - mCloud Technologies Corp. (TSXV: MCLD) (NASDAQ: MCLD) ("mCloud" or the "Company"), a leading provider of AI-powered asset management and Environmental, Social, and Governance ("ESG") solutions, announced today it is amending its credit facility with ATB Financial ("ATB"). The ATB credit facility is a C$5,000,000 margined, demand operating loan facility. This facility is available to pay out in full all indebtedness and liability owing to another financial institution, and thereafter, for the general corporate purposes of the Company. As part of the amendment, ATB is providing an additional C$5,000,000 via an accordion, subject to lender consent. In consideration of ATB making available to mCloud additional advances under the credit facility, and subject to the approval of the TSX Venture Exchange, mCloud will grant to ATB non-transferable warrants to acquire up to 183,486 common shares at an exercise price of C$5.45 per share for a term not exceeding the earlier of three years and the term of the loan.About mCloud Technologies Corp.mCloud is unlocking the untapped potential of energy intensive assets with AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud's AI-powered AssetCarea?? platform, mCloud 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, where AI and analytics are applied to maximize their performance.
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