Business
Urbana Corporation Announces Exercise of Over-Allotment Option
Urbana Corporation Announces Exercise 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, July 27 /CNW/ - Urbana Corporation ("Urbana") (TSX: URB., URB.A,\nURB.WT, URB.WT.A) today announced that Blackmont Capital Inc., on behalf of a\nsyndicate of agents, including CIBC World Markets Inc., National Bank\nFinancial Inc., Raymond James Ltd., TD Securities Inc., BMO Nesbitt Burns\nInc., Scotia Capital Inc., HSBC Securities (Canada) Inc., Wellington West\nCapital Inc. and GMP Securities L.P. has exercised the over-allotment option\ngranted to them in connection with Urbana's previously announced offering of\nunits (the "Units"), which closed on July 12, 2007. Each Unit consisted of one\nnon-voting Class A share ("Non-Voting Class A Share") in the capital of Urbana\nand one-half of one Series A Non-Voting Class A Share purchase warrant\n("Warrant"). Each whole Warrant entitles the holder to purchase one Non-Voting\nClass A Share at an exercise price of $3.75 until July 12, 2009. The Units\nseparated into Non-Voting Class A Shares and Warrants immediately upon closing\nof the offering.\n\n\nThe over-allotment option has been exercised, which will result in the\nsale of an additional 1,192,395 Non-Voting Class A Shares and an additional\n596,197 Warrants, at a price of $3.05 per Non-Voting Class A Share and $0.05\nper one-half Warrant, for gross proceeds of $3,696,424. The closing of the\nover-allotment option is expected to occur on August 1, 2007.\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\nCe...