Business
Urbana Corporation Closes Unit Offering for Proceeds of Approximately $75 million
Urbana Corporation Closes Unit Offering for Proceeds of Approximately $75 million.
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 12 /CNW/ - Urbana Corporation ("Urbana") (TSX: URB, URB.A,\nURB.WT, URB.WT.A) is pleased to announce that it completed a closing relating\nto its previously announced short form prospectus offering (the "Offering") of\nunits ("Units") through Blackmont Capital Inc., as lead agent for a syndicate\nincluding CIBC World Markets Inc., National Bank Financial Inc., Raymond James\nLtd., TD Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., HSBC\nSecurities (Canada) Inc., Wellington West Capital Inc. and GMP Securities L.P.\n(the "Agents"). 24,193,600 Units have been sold for gross proceeds of\napproximately $75 million.\n\n\nEach Unit sold pursuant to the Offering for $3.10 consists 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 the\nclosing today.\n\n\nThe net proceeds of the Offering will be used to purchase additional\nparticipations in various stock exchanges as the opportunity arises and for\ngeneral corporate purposes.\n\n\nUrbana has granted the agents an over-allotment option which entitles the\nagents to purchase additional Non-Voting Class A Shares and Warrants to a\nmaximum of 15% of the Non-Voting Class A Shares and Warrants issued pursuant\nto the Offering for a period of 30 days following today's closing.\n\n\nA copy of the prospectus may be obtained on SEDAR at www.sedar.com.\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 40.0% 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 exer...