mCloud Technologies expands credit facility by C$5 million

By Marisa Wong

Los Angeles, Nov. 29 – mCloud Technologies Corp. said it amended its credit facility with ATB Financial for an additional C$5 million through an accordion, subject to lender consent.

The credit facility previously consisted of a C$5 million margined, demand operating loan facility.

This facility is available to pay out in full all debt and liability owed to another financial institution. After that, borrowings may be used for general corporate purposes.

In consideration of ATB making additional advances available to mCloud under the credit facility, and subject to 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.

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

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