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Universal mCloud shares surge as it brings in over C$5.5mln from financing and announces US listing

Shares started on the OTCQB on May 18 under the ticker MCLDF..
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The tech company is focused on Internet of Things and cloud solutions

Internet of Things and cloud solutions provider Universal mCloud Corp (CVE:MCLD) revealed it began trading on the OTCQB venture market in the USA and rose over C$5.5mln from a financing.

Shares started on the OTCQB on May 18 under the ticker MCLDF.

READ - Universal mCloud brings in C$849,400 in first tranche of now upsized financing

Shares are also listed on the TSX Venture Exchange under the symbol MCLD.

Shares in Toronto  today are up over 14% to C$0.48.

"As mCloud gains recognition for its best-in-class artificial intelligence and AI&A offerings, we are experiencing increased interest from investors across North America and other international markets," said Russel McMeekin, president and chief executive.

"Our listing on the OTCQB allows for better access to the U.S. investment community, greater international visibility and improved liquidity."

In a separate statement, the group said that it had closed the final tranche of its non-brokered private placing, issuing over 15.7mln units at 35 cents a throw for gross proceeds of about C$5.5mln.

WATCH - Universal mCloud going into 2Q with 'all guns blazing'

The company intends to use the cash for its recently announced China expansion, merger and acquisition activities, and has recently commenced investment in extensive wind turbine data capture via the use of highly precise drone technology in North America.

"We are pleased with the significant interest we are seeing from investors provincially and nationally, as well as internationally, in Europe and China," said McMeekin,

"Their support continues to validate industrial AI (artificial intelligence) and analytics offerings as high-profile investment opportunities worldwide."

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