Business
Urbanfund Corp. Announces Loan to Shareholder
TORONTO, Jan. 05, 2026 (GLOBE NEWSWIRE) -- Urbanfund Corp. (TSX-V: UFC) (“Urbanfund”...
About this update from Urbanfund Corp.
[{"type":"text","content":"Urbanfund Corp. Announces Loan to Shareholder\nTORONTO, Jan. 05, 2026 (GLOBE NEWSWIRE) -- Urbanfund Corp. (TSX-V: UFC) (“Urbanfund” or the “Company”), announces that it entered into loan agreement dated January 5, 2026 (the “Loan Agreement”) pursuant to which the Company has agreed to loan Westdale Construction Co. Limited (“Westdale”) the principal amount of ‎‎$10,000,000‎‎ (the “Loan”). The Loan is repayable within one year and will bear interest at ‎‎5.45% per annum. Westdale is a control person of the Company. The Company’s Chairman, Ronald Kimel, is a shareholder, director and officer of Westdale and Mitchell Cohen, the Company’s Chief Executive ‎Officer, is an officer‎ of Westdale. Accordingly, the Loan constitutes a “related party transaction” pursuant to Multilateral Instrument 61-101 - ‎Protection of ‎Minority Security Holders in Special Transactions (“MI 61-101”). The Loan is exempt from the formal valuation and minority shareholder approval requirements of 61-101. The Company is exempt from the formal valuation requirement contain in section 5.5(b) of MI 61-101 as the Company does not have securities listed on a specified stock exchange. The Loan is further exempt from the minority shareholder approval requirement pursuant to section 5.7(1)(a) of MI 61-101 as the fair market value of Loan is less than 25% of the Company’s market capitalization. ABOUT URBANFUND Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange (“TSX-V”) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario. The Company’s focus is to identify, evaluate and invest in real estate or real estate related projects. The Company’s assets are located in Toronto, Belleville, Kitchener, London, and Brampton, Ontario and in Montreal and Quebec City, Quebec and Dartmouth, Nova Scotia. FORWARD-LOOKING INFORMATION This press release contains certain forward-looking statements, including statements about the proposed repayment date of the Loan. Wherever possible, words such as “may”, “will”, “should”, “cou...