Date Online: 2015-06-11
MONTREAL, CANADA- June 11, 2015 - Urbanimmersive Technologies Inc. ("Urbanimmersive") (TSX VENTURE:UI) is pleased to announce that it intends to complete a non-brokered private placement with two of its directors to raise gross proceeds of $200,000. Urbanimmersive expects to issue 4,000,000 common shares at the price of $0.05 per share.
The net proceeds will be used to finance Urbanimmersive's current operations.
Participation of insiders in the private placement constitutes a "related party transaction" as defined in Regulation 61-101 respecting protection of minority security holders in special transactions and Policy 5.9 of the TSX Venture Exchange. The private placement is exempt from the formal valuation and minority shareholder approval requirements of such regulations and has been approved by the independent directors in respect of the transaction.
The closing of the private placement is expected to occur on or about June 15, 2015, and is subject to applicable regulatory approvals, including approval of the TSX Venture Exchange. All shares issued in the context of the private placement will be subject to a four months and one day hold period.
Based in Laval, Quebec, Canada, Urbanimmersive is a digital media company dedicated to the online real estate market. The company provides marketing content production services and innovative technology solutions specifically designed to increase productivity and business revenues of its customers. The company's customers are primarily home builders, promoters, real estate brokers, brokerage agencies and real estate portals operators.
For more information, visit www.tecnologies.urbanimmersive.com