Internet of Things and cloud solutions provider Universal mCloud Corp (CVE:MCLD) has closed the first tranche of its previously announced private placing and lifted the size of the fundraise to C$4mln
On May 1 this year, the tech group revealed it was planning to raise up to C$2mln through a placement of units at C$0.35 each.
The funds raised will finance the company's recently announced expansion in China, some merger & acquisition activities and will be used for general working capital purposes.
Under the initial tranche, the firm issued over 2.42mln units at 35 cents a throw for aggregate gross proceeds of C$849,400.
Each unit comprises one share and half a warrant; paired half-warrants will entitle the holder to purchase one Universal mCloud share at a price of C$0.45.
Shares shed 2.38% to C$0.41.