Blockchain
Universal mCloud Announces Closing of Convertible Debenture Financing
Universal mCloud Corp. (TSX-V: MCLD) (OTCQB: MCLDF) (“mCloud” or the “Company”), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence (“AI”) and analytics, is pleased to announce that it has closed the final tranche of its private placement offering of convertible unsecured subordinated debentures (the “Debentures”) for gross proceeds of C$23,492,800 (the “Offering”).
Under the Offering, the Company issued a total of 234,928 Debentures at a price of $100 per Debenture for aggregate gross proceeds of C$23,492,800. Additional details relating to the Offering are described in the Company’s May 30, 2019press release.
The net proceeds received by the Company will be used, in part, to: (a) satisfy all outstanding cash obligations of the Company in connection with (i) the Company’s previously announced acquisition of Flow Capital Corp.’s royalty interest in Agnity Global, and (ii) the Company’s proposed acquisition of CSA, Inc.; (b) fund ongoing working capital requirements; and (c) fund the proposed expansion of the Company’s business, including its international operations.
“The positive response to this Offering is validation that investors see the trajectory and pathway to revenue growth we are on,” said Russ McMeekin, mCloud President and CEO. “The proceeds raised will allow us to take the necessary steps to continue expanding our business and introduce our leading AssetCare
platform to new customers and segments across the globe.”
The Company has agreed to compensate finders who introduced purchasers in the Offering. In connection with the completion of the Offering, finders received: a) aggregate cash commissions of $299,355; and b) an aggregate of 598,710 broker warrants, with each broker warrant exercisable for one common share of the Company at an exercise price of $0.50 per share for a period of three years from the date of issuance.
All securities issued by the Company under the Offering are subject to a statutory four month hold period in accordance with applicable securities legislation. The Offering is subject to final approval from the TSX Venture Exchange.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities issued under the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws, and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
SOURCE Universal mCloud Corp.
The anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to stir anxiety within the cryptocurrency market. This significant influx of Bitcoin, which has been tied up since the collapse of the Mt. Gox exchange in 2014, raises questions about its potential impact on market dynamics and investor sentiment.
The return of these long-dormant Bitcoin holdings may lead to increased volatility and uncertainty in the cryptocurrency market. Market participants are likely to closely monitor the movement of these funds and assess their potential impact on Bitcoin prices and overall market stability.
Additionally, the large-scale return of Bitcoin from the Mt. Gox era may trigger concerns about potential selling pressure and its effect on market liquidity. Investors may anticipate fluctuations in Bitcoin prices as these funds are reintroduced into the market and traded.
Furthermore, the return of these Bitcoin holdings highlights the ongoing legal and regulatory challenges associated with the Mt. Gox saga. The resolution of this long-standing issue could have far-reaching implications for investor confidence and the perception of security within the cryptocurrency ecosystem.
Overall, the anticipated return of $9 billion worth of Bitcoin from the Mt. Gox era has the potential to evoke anxiety among market participants and prompt heightened scrutiny of market dynamics. As the cryptocurrency market braces for this significant development, it remains to be seen how it will navigate the potential challenges and opportunities presented by the return of these funds.
Source: blockchain.news
The post Anticipated Return of $9B Mt. Gox-era Bitcoin May Spur Market Anxiety appeared first on HIPTHER Alerts.
Blockchain
Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration
Binance is currently embroiled in a legal dispute in Canada over allegations of selling cryptocurrency derivative products without proper registration. This lawsuit underscores the regulatory challenges facing the cryptocurrency exchange in various jurisdictions.
The lawsuit accuses Binance of offering crypto derivative products to Canadian investors without obtaining the necessary registration from Canadian securities regulators. This legal action highlights the importance of compliance with regulatory requirements in the cryptocurrency industry, particularly concerning the sale of derivative products.
Binance’s legal woes in Canada reflect broader concerns about regulatory compliance and investor protection within the cryptocurrency sector. As authorities worldwide increase scrutiny of cryptocurrency exchanges and trading platforms, companies like Binance face mounting legal and regulatory challenges.
The outcome of this lawsuit could have significant implications for Binance and the broader cryptocurrency industry in Canada. Depending on the court’s ruling, it could lead to increased regulatory oversight and stricter enforcement measures for cryptocurrency exchanges operating in the country.
In response to the lawsuit, Binance has stated that it is committed to compliance with all applicable laws and regulations in the jurisdictions where it operates. However, the outcome of this legal dispute will likely shape the regulatory landscape for cryptocurrency exchanges in Canada and influence their future operations and compliance efforts.
Source: blockchain.news
The post Binance Faces Lawsuit in Canada for Selling Crypto Derivative Products Without Registration appeared first on HIPTHER Alerts.
The Cardano Foundation has announced the launch of Pragma, marking a significant milestone in open-source blockchain development. Pragma aims to revolutionize Cardano by enhancing its infrastructure through innovative open-source projects.
Pragma represents a new chapter in the evolution of Cardano, focusing on improving its underlying infrastructure and expanding its capabilities. The initiative underscores the Cardano Foundation’s commitment to fostering innovation and driving progress within the blockchain ecosystem.
By leveraging open-source projects, Pragma seeks to enhance Cardano’s functionality and scalability, paving the way for broader adoption and increased utility. These efforts are expected to unlock new opportunities for developers and users alike, further cementing Cardano’s position as a leading blockchain platform.
Pragma’s launch highlights the ongoing evolution of Cardano and its commitment to pushing the boundaries of blockchain technology. Through collaborative open-source development, Pragma aims to address key challenges and drive continuous improvement within the Cardano ecosystem.
The Cardano Foundation’s announcement of Pragma signals a significant step forward in its mission to build a decentralized and sustainable blockchain infrastructure. With Pragma, Cardano is poised to embark on a new era of innovation and growth, setting the stage for a future of unprecedented possibilities in blockchain development.
Source: cryptonews.com
The post Cardano Foundation Launches PRAGMA: A New Chapter in Open-Source Blockchain Development appeared first on HIPTHER Alerts.
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