Universal mCloud Corp. (TSXV:MCLD) (‘mCloud’) entered into a binding agreement to acquire NGRAIN (Canada) Corporation from Hawthorn Equity Partners Inc. and Tandem Expansion Fund I, L.P., fund managed by Tandem for CAD 2.5 million on January 2, 2018. Under the terms of agreement, mCloud will pay 4.75 million shares, CAD 0.3 million in cash, promissory note worth CAD 0.3 million to be paid within 90 days of closing, and will assume CAD 0.14 million as part of consideration. For the year ending 2017, NGRAIN reported annual revenues of CAD 1.2 million and EBITDA of CAD 0.33 million. The entire NGRAIN team will join mCloud. Transaction is subject to the approval of TSX Venture Exchange, lisitng of new shares on stock exchange and third party approvals. The transaction is expected to close in the first quarter of 2018.