Business
Deal Pro Capital Enters into Definitive Agreement in Respect of Proposed Qualifying Transaction
Toronto, Ontario--(Newsfile Corp. - February 12, 2024) - Deal Pro Capital Corporation (TSXV: DPCC...
About this update from Urban Infrastructure Group Inc.
[{"type":"text","content":"Deal Pro Capital Enters into Definitive Agreement in Respect of Proposed Qualifying TransactionToronto, Ontario--(Newsfile Corp. - February 12, 2024) - Deal Pro Capital Corporation (TSXV: DPCC.P) (the \"Company\") is pleased to announce that, further to its press release dated November 1, 2023, it has entered into a definitive business combination agreement dated February 8, 2024 (the \"BCA\") with Urban Utilities Contractors Inc. (\"Urban\"). Pursuant to the BCA, the Company's wholly-owned subsidiary, 1000773456 Ontario Inc. (\"Subco\"), will amalgamate with Urban (the \"Amalgamation\") to complete the Company's qualifying transaction (the \"Transaction\") in accordance with the policies of the TSX Venture Exchange (the \"Exchange\").In connection with the Amalgamation, it is intended that the Company will be renamed to \"Urban Infrastructure Group Inc.\" (the \"Resulting Issuer\"). The Transaction is subject to the receipt of all necessary regulatory and shareholder approvals required by applicable corporate law, including the approval of the Exchange, as well as the satisfaction of conditions to closing as set out in the BCA. It is intended the Resulting Issuer will continue the business of Urban and be listed on the Exchange as an industrial issuer, subject to Exchange approval.About UrbanSince its incorporation in 2015, Urban, a private company incorporated pursuant to the laws of the Province of Ontario, has been a construction company focused on the concrete and drain sector for new low-rise construction in the Southern Ontario region. The concrete and drain industry plays a crucial role in low-rise construction, which typically encompasses residential buildings. Urban works with some of the largest home builders in Ontario and provides the following services:exterior sewersinterior underground drainage systemsconcrete basement floorsconcrete garage floorsconcrete porches and stairsAccording to a report by the Fraser Institute titled \"Ontario government can accelerate housing supply - without eroding public trust\" (which appeared in the Toronto Star, August 14, 2023), Ontario is facing a generational shortage of housing due to the province's decades of underbuilding and population growth. The Ontario government's Housing Affordability Task Force estimates that 1.5 million new homes must be constructed over the next ten ...