Urban Select Capital Announces Corporate Updates

Vancouver, British Columbia (FSCwire) - Urban Select Capital Corporation (TSXV: CH) (“Urban Select” or the “Company”) announces that it will be seeking a final order to two plans of arrangement on December 18, 2017.

At the Company’s annual and special meeting of its shareholders held November 21, 2017 the shareholders approved a plan of arrangement involving the Company and each of 1137182 B.C. Ltd. and 1137188 B.C. Ltd. (the “Subsidiaries”) whereby the Company would finance each Subsidiary with $75,000 in exchange for 1,500,000 common shares of each Subsidiary (at $0.05 per share).  As a consequence, each of the Subsidiaries would become a reporting issuer in British Columbia and Alberta.  See the Company’s Information Circular dated October 16, 2017 as filed on SEDAR.

The Company was originally to apply for a final court order approving the plan of arrangement on November 24, 2017, however a creditor gave notice that it would oppose the application.  Subsequently the Company negotiated with such creditor to enter into an Amended and Restated Plan of Arrangement with respect to 1137188 B.C. Ltd. whereby the creditor will receive that Subsidiary, once it is a reporting issuer, in settlement of all amounts owing to the creditor (being approximately $323,000).

The application to approve the original plan of arrangement with respect to 1137182 B.C. Ltd. and the amended and restated plan of arrangement with respect to 1137188 B.C. Ltd. is scheduled to be heard by a judge of the BC Supreme Court at 9:45am on December 18, 2017.  Shareholders and interested persons have the right to appear at such hearing and present evidence.  Those who wish to participate or be represented or present evidence or argument may do so, subject to filing a notice of appearance and satisfying other requirements.  Those wishing to appear before the Court should seek legal advice.

For further information, please contact:

David Yoo

Chief Financial Officer and Managing Director

Phone: 604-689-0618

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Urbanselect12142017.pdf

Source: Urban Select Capital Corp. (TSX Venture:CH)

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