Business
Urban Infrastructure Group Secures Debt
Brampton, Ontario--(Newsfile Corp. - May 12, 2025) - Urban Infrastructure Group Inc. (TSXV: UIG) ...
About this update from Urban Infrastructure Group Inc.
[{"type":"text","content":"Urban Infrastructure Group Secures DebtBrampton, Ontario--(Newsfile Corp. - May 12, 2025) - Urban Infrastructure Group Inc. (TSXV: UIG) a leading stage-one concrete and drainage infrastructure construction group, specializing in large scale new residential housing developments, (\"UIG\" or the \"Corporation\") would like to announce that it has entered into loan arrangements with certain related parties (each, a \"Lender\") whereby the Lenders advanced to the Company an aggregate of $150,000 (collectively, the \"Loans\"). UIG will use the Loans for working capital and general corporate purposes.The Loans bear interest at a rate of 15% per annum and are evidenced by promissory notes in favour of the Lender. The Loans are repayable on the date that is six months from issuance.The Corporation also intends to issue to the Lenders, subject to approval of the TSX Venture Exchange (the \"TSXV\"), as loan bonuses, an aggregate of 750,000 common share purchase warrants of the Corporation (each, a \"Bonus Warrant\"). Each Bonus Warrant entitles the holder thereof to acquire one (1) common share in the capital of the Corporation at an exercise price of $0.12 per share for a period of one (1) year from the date of the promissory notes (the \"Expiry Date\"). The Expiry Date may be accelerated if the closing price of the UIG's common shares on the TSXV is equal to or greater than $0.20 per share for any 10 consecutive trading days.The Lenders are \"related parties\" (as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\")) of the Corporation and, therefore, the Loans are Related Party Transactions (as defined in MI 61-101). UIG is exempt from the formal valuation requirement and the minority approval requirement under MI 61-101 in respect of the Loans since, at the time of such loans, the fair market value of the consideration for Loans did not exceed 25% of UIG's market capitalization.About Urban Infrastructure GroupUIG is a leading concrete and drainage infrastructure construction group engaged in the earliest stage of the construction process - known as Stage One. Urban Infrastructure Group specializes in large-scale, master-planned residential communities, with partners and customers behind some of Ontario's most significant residential development projects. Connect wi...