Proceeds of deal to be used for expansion capital during the next year
By Devika Patel
Knoxville, Tenn., Feb. 26 – Urban Communications Inc. said it settled a C$957,500 initial tranche of a non-brokered private placement of units. The deal priced for C$1 million on Feb. 5 and was increased to C$1.3 million on Feb. 19.
The company is now selling 13 million units of one common share and a half-share warrant at C$0.10 per unit. It sold 9,575,000 units in the first tranche.
Each whole warrant is exercisable at C$0.20 for 18 months. The strike price is a 100% premium to the Feb. 4 closing share price of C$0.10.
Proceeds will be used for expansion capital during the next year.
Urban Communications is a telecommunications company based in Vancouver, B.C.
| Issuer: | Urban Communications Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$1.3 million
|
| Units: | 13 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 5
|
| Upsized: | Feb. 19
|
| Settlement date: | Feb. 25 (for C$957,500)
|
| Stock symbol: | TSX Venture: UBN
|
| Stock price: | C$0.10 at close Feb. 4
|
| Market capitalization: | C$3 million
|
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