Business
Urban Select Capital Closes Oversubscribed Private Placement for $1,178,613
VANCOUVER, BC / ACCESSWIRE / February 11, 2019 / Urban Select Capital Corporation (TSX-V: CH...
About this update from Futuregen Industries Corp.
[{"type":"text","content":"Urban Select Capital Closes Oversubscribed Private Placement for $1,178,613VANCOUVER, BC / ACCESSWIRE / February 11, 2019 / Urban Select Capital Corporation (TSX-V: CH) (\"Urban Select\" or the \"Company\") is pleased to announce it has closed its previously announced non-brokered private placement for gross proceeds of $1,178,613 (the \"Offering\"). In connection with the offering, 15,714,839 units at a price of $0.075 per unit have been issued, representing an oversubscription of 2,381,506 units.Each unit comprises one common share and one half of one common share purchase warrant exercisable at $0.125 for one year. In accordance with securities legislation, all securities issued under the offering will be subject to a four-month hold period expiring on June 11, 2019. The company paid cash commissions to eligible finders under the offering totaling $72,669 and issued 968,920 broker warrants, exercisable at any time up to 12 months following the closing of the offering at $0.125 per share.The company will use the net proceeds of the offering for investments and general working capital purposes.The TSX Venture Exchange has accepted final closing of this offering.\"Closing this financing is an important step in the right direction for Urban Select in 2019,\" said David Yoo, Director and CFO. \"We have the working capital necessary to look into and take the next steps on significant investment and acquisition opportunities that we are seeing in the first quarter of 2019,\" continued Ms. Kuang.Urban Select is also pleased to announce the addition of Nikolai Vassev its board of directors. Mr. Vassev spent 5 years in the technology sector where he was responsible for negotiating contract agreements with mid market and enterprise organizations, as well as the Canadian and US governments. Most recently, Mr. Vassev was a Business Development Manager at D3 Security Systems, where he was responsible for forming technology partnerships and driving strategic net new sales to enterprise companies worldwide. He currently provides consulting services in the areas of capital markets and corporate advisory to both private and public companies. Mr. Vassev holds a Marketing Management Diploma from the BCIT School of Business.Esther Mei has resigned as a director of Urban Select, effective February 6, 2019. The company would like to sincerely thank...