mCloud Provides Update on Proposed Private Placement of Special Warrants

mCloud Technologies Corp. (TSX-V: MCLD, MCLD.DB) (OTCQB: MCLDD) (“mCloud” or the “Company”), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence and analytics, is pleased to announce that its private placement of special warrants (the “Offering”), originally announced on December 17, 2019, has been fully subscribed, having received commitments from investors for more than C$10,000,000. The final allocation of the Offering is subject to the receipt of binding subscription agreements from potential subscribers.

The Offering is scheduled to close on or about January 14, 2020 (the “Closing Date”). The closing of the Offering is subject to completion of formal documentation. This includes, but is not limited to, the execution of a definitive agency agreement with the agents in respect of the Offering, Raymond James Ltd. and Paradigm Capital Inc., and receipt of regulatory approvals, including approval of the TSX Venture Exchange.

The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the 1933 Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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SOURCE mCloud Technologies Corp.