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Universal mCloud doubles previously announced financing due to strong interest

"We are encouraged by the strong interest we saw from investors during this financing," said the CEO
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The firm has doubled the size of the placing

Internet of Things and AI (artificial intelligence) group Universal mCloud Corp (CVE:MCLD) told investors it had doubled the size of its previously announced placing to $4 million from $2 million.

"We are encouraged by the strong interest we saw from investors during this financing," said Russel McMeekin, president and  CEO at Universal mCloud.

"We are pleased to have reached our financing goals and look forward to closing the placement."

The tech group has already received confirmed subscriptions for more than $1.5mln for the first tranche, under which they will issue over 4.3 million units.

Each unit consist of one mCloud share and one half of a share purchase warrant.

Each warrant is exercisable at a price of $0.50 per share for 36 months following closing.

Last month, mCloud revealed it was set to bolster its offering by buying Ascent AeroSystems - a company, which makes drones, or UAVs (unmanned aerial vehicles), in a $6.55 million deal.

It will enable mCloud to provide its cloud-based AssetCare solutions to customers with assets in remote or inaccessible locations, it said.

mCloud's technology provides tools to monitor and analyze the health of equipment - or assets - such as an HVAC (heating, ventilation, air conditioning) unit or a wind turbine.

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