MONTREAL, CANADA--(Marketwired - Nov. 19, 2015) - Urbanimmersive Inc. ("Urbanimmersive" or the "Corporation") (TSX VENTURE:UI) is pleased to announce that it intends to complete a private placement to raise gross proceeds of $364,000 (the "Private Placement"). Urbanimmersive expects to issue 7,280,000 units of the Corporation (the "Units") at the price of $0.05 per Unit. Jones, Gable & Company Limited is acting as agent in connection with a portion of the Private Placement
Each Unit is comprised of one common share of the Corporation and one common share purchase warrant. Each warrant entitles its holder to acquire one additional common share of the Corporation at a price of $0.075 per common share within the 2 year period following the closing of the Private Placement.
The net proceeds of the Private Placement will be used for sales and marketing initiatives and to finance the current operations of the Corporation.
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.
The closing of the Private Placement is expected to occur on or about November 24, 2015, and is subject to applicable regulatory approvals, including approval of the TSX Venture Exchange. All securities issued in the context of the Private Placement will be subject to a four months and one day hold period.
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.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 Management's Discussion and Analysis of the Corporation for the quarter ended June 30, 2015, and filed with the Canadian securities commissions on August 28, 2015. 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.
SOURCE: Urbanimmersive Inc.