mCloud Technologies, a provider of artificial intelligence-powered asset management and environmental, social and governance solutions, amended its credit facility with ATB Financial.
The ATB credit facility is a C$5 million ($3.9 million) margined and demand operating loan facility. This facility is available to pay out all indebtedness and liability owing to another financial institution, and thereafter, for the general corporate purposes of the company. As part of the amendment, ATB is providing an additional C$5 million ($3.9 million) via an accordion, subject to lender consent.
In consideration of ATB making available to mCloud additional advances under the credit facility, and subject to the approval of the TSX Venture Exchange, mCloud will grant to ATB non-transferable warrants to acquire up to 183,486 common shares at an exercise price of C$5.45 ($4.28) per share for a term not exceeding the earlier of three years and the term of the loan.
