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.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$1.3 million
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Units: | 13 million
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Price: | C$0.10
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 18 months
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Warrant strike price: | C$0.20
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Agent: | Non-brokered
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Pricing date: | Feb. 5
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Upsized: | Feb. 19
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Settlement date: | Feb. 25 (for C$957,500)
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Stock symbol: | TSX Venture: UBN
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Stock price: | C$0.10 at close Feb. 4
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Market capitalization: | C$3 million
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