Flow Capital Announces Sale of Agnity Royalty to Universal mCloud
TORONTO, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Flow Capital Corp. (“Flow Capital” and “Flow”) today announced that it has closed the sale of its Royalty Agreement with Agnity Global (“Agnity”) to Universal mCloud Corp. (TSX-V: MCLD) (OTCQB: MCLDF) (“mCloud”).
The purchase price is USD $153,227 paid at close, USD $2,000,000 in the form of a senior secured note, plus CAD $525,000 or 1.5 million mCloud shares, chosen at Flow’s election, and another 3.5 million shares if certain milestones are met within the next six years. The senior secured note is for a term of up-to twelve months, paying monthly interest of $41,667. Flow will receive the CAD $525,000 or 1.5 million mCloud shares when the note is repaid.
“We are pleased to become investors in mCloud with its proven team, fast growing network of connected assets, and the global market opportunity for AI-assisted infrastructure management that mCloud is attacking,” said Robb McLarty, Chief Investment Officer of Flow Capital. “This transaction provides Flow Capital upside potential through mCloud’s equity returns while continuing to generate a monthly cash flow equivalent to 25 percent per annum.”
About Flow Capital Corp.
Based in Toronto, Flow Capital Corp. is a diversified alternative asset investor and advisor, operating two divisions: an investment operation providing revenue-linked capital to emerging growth businesses, and an institutional advisory sales platform providing pension funds, charities and endowment clients with access to leading institutional money managers from around the world. Learn more at www.flowcap.com.
For further information, please contact:
Flow Capital Corp.
Alex Baluta Chief Executive Officer email@example.comPhone: (416) 777-0383
1 Adelaide Street East, Suite 3002,Toronto, Ontario M5C 2V9