Business
Urbana Corporation Announces Closing of Over-Allotment Option
Urbana Corporation Announces Closing of Over-Allotment Option.
About this update from Urbana Corporation
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE\n\n\nU.S./\n\n\nTSX: URB., URB.A, URB.WT, URB.WT.A\n\n\nTORONTO, Aug. 1 /CNW/ - Urbana Corporation ("Urbana") (TSX: URB., URB.A,\nURB.WT, URB.WT.A) today announced the closing of the over-allotment option\nwhereby Blackmont Capital Inc., on behalf of the syndicate of agents including\nCIBC World Markets Inc., National Bank Financial Inc., Raymond James Ltd., TD\nSecurities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., HSBC Securities\n(Canada) Inc., Wellington West Capital Inc. and GMP Securities L.P., exercised\nthe over-allotment option granted to them in connection with Urbana's\npreviously announced offering of units (the "Units"), which closed on July 12,\n2007. Each Unit consisted of one non-voting Class A share ("Non-Voting Class A\nShare") in the capital of Urbana and one-half of one Series A Non-Voting Class\nA Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant\nentitles the holder to purchase one Non-Voting Class A Share at an exercise\nprice of $3.75 until July 12, 2009. The Units separated into Non-Voting Class\nA Shares and Warrants immediately upon closing of the offering.\n\n\nThe over-allotment option was exercised and resulted in the sale of an\nadditional 1,192,395 Non-Voting Class A Shares and an additional 596,197\nWarrants, at a price of $3.05 per Non-Voting Class A Share and $0.05 per\none-half Warrant, for gross proceeds of $3,696,424.\n\n\nCaldwell Investment Management Ltd., which acts as investment manager for\nUrbana, is wholly owned by Caldwell Financial Ltd. ("Caldwell Financial").\nCaldwell Financial owns 40% of Urbana's common shares, 300,000 Non-Voting\nClass A shares and 150,000 warrants and is controlled by Thomas S. Caldwell,\nthe President of Urbana. Thomas S. Caldwell beneficially owns directly or\nindirectly 965,927 common shares of Urbana representing 9.7% of Urbana's\noutstanding common shares and exercises control or direction over the\n4,000,000 common shares of Urbana owned by Caldwell Financial through his\ninterest in Caldwell Financial. In total, Thomas S. Caldwell owns and\nexercises control or direction over approximately 49.7% of Urbana's common\nshares.\n\n\nForward-Looking Statements\n\n\nCertain statements in this press...