Sept 14 (Reuters) - Universal Ventures Inc UN.V
* Universal Ventures Inc provides update on proposed business combination with mCloud Corp.
* Upon completion, transaction will constitute a reverse take-over of Universal by mCloud, with resulting company to be renamed "Universal mCloud Inc"
* mCloud intends to complete private placement of subscription receipts for gross proceeds of minimum C$3 million & maximum C$5 million at C$0.35/ unit