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Urban Infrastructure Group Inc. (formerly Deal Pro Capital Corporation) Announces Closing of Qualifying Transaction
Highlights: Urban completes private placement (the "Concurrent Financing") for aggregate gros...
About this update from Urban Infrastructure Group Inc.
[{"type":"text","content":"Urban Infrastructure Group Inc. (formerly Deal Pro Capital Corporation) Announces Closing of Qualifying TransactionHighlights:Urban completes private placement (the \"Concurrent Financing\") for aggregate gross proceeds of $1,342,200.10.Name changed to Urban Infrastructure Group Inc. New board of directors and officer changes announced.Ticker symbol changed to \"UIG\" on the TSXV. To commence trading on the TSXV under the symbol \"UIG\" at the opening of the markets on Tuesday March 26, 2024.Toronto, Ontario--(Newsfile Corp. - March 22, 2024) - Urban Infrastructure Group Inc. (TSXV: UIG) (TSXV: DPCC.P) (formerly, Deal Pro Capital Corporation) (the \"Company\") is pleased to announce that, further to its press releases dated November 1, 2023, January 15, 2024, February 12, 2024 and February 14, 2024, that it has closed its previously announced Qualifying Transaction (as defined in Policy 2.4 Capital Pool Companies of the TSX Venture Exchange (the \"TSXV\")). The Qualifying Transaction proceeded by way of a three-cornered amalgamation pursuant to which Urban Utilities Contractors Inc. (\"Urban\"), amalgamated with 1000773456 Ontario Inc., to become a wholly-owned subsidiary of the Company (the \"Transaction\"). The name of the amalgamated subsidiary corporation is \"Urban Utilities Contractors Inc.\" (the \"SubCo\"). The Company, as the resulting issuer (the \"Resulting Issuer\"), will continue the business of Urban.\"With a proven track record of building foundational infrastructure for over 1,000 new homes in Ontario, Urban is positioned at the forefront of meeting the province's critical housing and infrastructure needs. Our focus on scale, quality, and reliability in Phase One construction aligns perfectly with several key factors shaping Ontario's future. These include housing supply, increasing immigration, skilled labor shortages, interest rates, and provincial and federal government programs,\" stated Ungad Chadda, Chief Executive Officer of the Company.In connection with the closing of the Qualifying Transaction (the \"Closing\"):Urban completed a private placement (the \"Concurrent Financing\") for aggregate gross proceeds of $1,342,200.10.The Company changed its name to Urban Infrastructure Group Inc. The Company changed its ticker symbol to \"UIG\" on the TSXV. The Company implemented certain director and officer chang...