On May 30 this year, the Vancouver-based firm announced a private placing of up to C$10 million convertible unsecured debentures. It has now upsized this to C$23 million, which has been conditionally approved from the TSX Venture Exchange.
READ: Universal mCloud poised to increase 2019 revenue as venture exchange conditionally approves Fulcrum and Autopro deal
"We are very pleased by the attention this private placement has received since it was originally announced," said Russ McMeekin, mCloud's chief executive, in a statement Tuesday.
"We have all of the key elements needed to be the world's foremost leader in AI-powered asset management and are delighted that investors are responding accordingly."
Last month, the company said the debentures were priced at C$100 per debenture and would carry an annual interest rate of 10%.
The company plans to use the cash to satisfy outstanding obligations for its acquisition of Flow Capital Corp.'s royalty interest in Agnity Global as well as the proposed acquisition of CSA Inc.
It also said the money will be used for ongoing working capital requirements and the expansion of its international operations.
The principal amount of the debentures can be converted into units at the option of the holder at a price of C$0.50 each, with each unit consisting of one share and one purchase warrant, which will be exercisable to acquire one share for C$0.75 per share.
The offering is expected to be completed in multiple tranches, with the initial tranche closing on or about June 12 this year.
Monday, the company told investors that its previously announced Fulcrum Automation Technologies Ltd and Autopro Automation Consultants Ltd acquisition will add C$35 million to its 2019 revenue
Universal mCloud offers complete asset management solutions to three distinct segments: smart buildings, wind energy, and oil and gas.
With more than 100 blue-chip customers and over 28,000 assets connected around the globe, mCloud says it is changing the way energy assets are managed.
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