VANCOUVER, British Columbia, March 06, 2017 (GLOBE NEWSWIRE) -- Urban Communications Inc. (TSX-V:UBN) is pleased to announce a non-brokered private placement of up to 7,142,857 units at a price of $0.07 per Unit for aggregate gross proceeds to Urban of up to $500,000, with approval from the TSX Venture Exchange to increase the proceeds to $1,500,000 depending upon demand. Each Unit is comprised of one common share and one common share purchase warrant, and a warrant will entitle the holder to purchase one common share for $0.12 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.
ABOUT URBAN COMMUNICATIONS INC.
Urban Communications Inc. (TSX-V: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).
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.