TSX Venture: URB
TORONTO, Dec. 1 /CNW/ - Urbana Corporation ("Urbana") (TSX Venture: URB) is pleased to announce that it has filed a preliminary short form prospectus providing for the offering of units ("Units"), subject to regulatory approval. Each Unit is comprised of one non-voting Class A share ("Non-Voting Class A Share") in the capital of Urbana and one-half of one Non-Voting Class A Share purchase warrant ("Warrant"). Each whole Warrant will entitle the holder to purchase one Non-Voting Class A Share at a price to be specified for a period of two years from the closing date of the offering. The Units will separate into Non-Voting Class A Shares and Warrants immediately upon Closing.
The net proceeds of the Offering will be used to purchase additional participations in various stock exchanges as the opportunity arises and for general corporate purposes.
Blackmont Capital Inc. ("Blackmont"), as lead agent for a syndicate including Canaccord Capital Corporation, Raymond James Ltd. and Wellington West Capital Markets Inc., has entered into an engagement letter with Urbana in connection with the offering.
Caldwell Investment Management Ltd., which acts as investment manager for Urbana, is wholly owned by Caldwell Financial Ltd. ("Caldwell Financial"). Caldwell Financial owns 40% of Urbana's common shares and is controlled by Thomas S. Caldwell, the President of Urbana. Thomas S. Caldwell beneficially owns directly or indirectly 950,927 common shares of Urbana and exercises control or direction over the 4,000,000 common shares of Urbana owned by Caldwell Financial through his interest in Caldwell Financial. In total, Thomas S. Caldwell owns and exercises control or direction over approximately 49.5% of Urbana's common shares.
This press release has not been reviewed by the TSX Venture Exchange and
the TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Units in any jurisdiction in which such offer, solicitation or sale would be unlawful.