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Universal mCloud closes private placement

The group aims to use the net proceeds for its recently announced merger and acquisition activities, strategic market expansion, and for working capital
Canadian dollars
Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company

Internet of Things and the cloud solutions provider Universal mCloud Corp (CVE:MCLD) has closed its previously announced non-brokered private placement.

In all, the company issued just over 6mln units at 35 cents per unit to raise in the region of C$2.1mln.

READ: Universal mCloud set for C$2.1mln raise

All securities issued by the company under the offering are subject to a statutory four-month hold period, in accordance with applicable securities legislation.

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