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Universal mCloud Announces Full Repayment of Acquisition Payable to Flow Capital
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, today announced that it has fully repaid and been discharged from a secured loan provided by Flow Capital Corp (“Flow”), which was established as an acquisition payable when the Company acquired a royalty interest in Agnity Global, Inc., originally announced on January 17, 2019 (the “Transaction”).
The Transaction established a secured loan for mCloud with a value of US$2,000,000, which bore interest at 25% per annum.
In accordance with the terms of the previously announced Transaction, the Company has repaid the principal loan amount of US$2,000,000, interest accrued of US$33,602.42, and a fee in the aggregate amount of US$7,741.94. The Company also delivered 1,500,000 in mCloud common shares to Flow.
“With the repayment of this loan to Flow, mCloud will be able to focus on executing our growth strategy of connecting assets across all our lines of business,” said Russ McMeekin, mCloud President and CEO. “We look forward to providing investors with an update of our activities during our Q2 earnings call on August 15, 2019.”
SOURCE Universal mCloud Corp.
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