Vancouver, BC – Urban Communications Inc. (TSX-V:UBN) is pleased to announce that it has received conditional approval from the TSX Venture Exchange to increase the private placement announced June 30, 2016, from 5.0 million Units to up to 7.5 million Units, with the right to increase that amount to 12.5 million Units. The purchase price remains $0.10 per Unit for aggregate gross proceeds to Urban of up to $750,000, with the right to increase that amount to $1,250,000. Each Unit is comprised of one common share and one share purchase warrant, and a warrant will entitle the holder to purchase one common share for $0.20 within 24 months from the closing date. The financing will close in one or more tranches on such dates to be determined by the Company. Funds from the financing will be used for working capital during the next 6 months.
The Company has received an extension to close the private placement until August 24, 2016.
ABOUT URBAN COMMUNICATIONS INC.
Urban Communications Inc. (TSX VENTURE: UBN) is a telecommunications company providing a full suite of Internet, voice, video and broadband application products over its 300 km. state-of-the-art carrier grade fibre optic network in metro Vancouver and Victoria to commercial, residential and public sector customers. Urban has recently launched high-speed Internet service to residential and commercial subscribers on its network at 1,000 Mbps (1 Gbps).
Chief Executive Officer
Phone: (604) 763-7565
Neither 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.