MONTREAL, CANADA--(Marketwired - June 16, 2015) - Urbanimmersive Technologies Inc. ("Urbanimmersive") (TSX VENTURE:UI), is pleased to announce the closing of the non-brokered private placement with two of its directors announced on June 11, 2015 of gross proceeds of $200,000. Urbanimmersive issued 4,000,000 common shares at the price of $0.05 per share.
Certain directors and officers of Urbanimmersive have participated in the private placement. Participation of insiders in the private placement constitutes a "related party transaction" as defined in Regulation 61-101 respecting protection of minority security holders in special transactions and Policy 5.9 of the TSX Venture Exchange. The private placement is exempt from the formal valuation and minority shareholder approval requirements of such regulations and has been approved by the independent directors in respect of the transaction.
All securities issued under the private placement were issued pursuant to exemptions from the prospectus requirements of applicable securities laws and are subject to a statutory resale restriction until October 16, 2015. The net proceeds will be used to finance Urbanimmersive's current operations.
About Urbanimmersive
Based in Laval, Quebec, Canada, Urbanimmersive is a digital media company dedicated to the online real estate market. The company provides marketing content production services and innovative technology solutions specifically designed to increase productivity and business revenues of its customers. The company's customers are primarily home builders, promoters, real estate brokers, brokerage agencies and real estate portals operators.
For more information, visit www.tecnologies.urbanimmersive.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution on Forward-Looking Statements
Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. For additional information with respect to certain of these and other assumptions and risk factors, please refer to the Corporation's management proxy circular dated March 25, 2015, and filed with the Canadian securities commissions. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements.