LAVAL, Quebec, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive,” or the “Corporation”) (TSX VENTURE:UI.V), the real estate content marketing platform, is pleased to announce the signing of a of three-year partnership agreement with Finaccès Capital for the financing of Urbanimmersive’s platform integrated credit-line payment solution as well as a proposed offering of units.
Partnership Agreement with Finaccès Capital
On November 21, 2017, Urbanimmersive entered into a three-year partnership agreement (the “Agreement”) with Finaccès Capital, a company providing short-term financing, for the financing of Urbanimmersive’s integrated credit-line payment solution (the “Solution”). The Solution has proved to be a strategic and essential feature in the growth and development of the Corporation’s affiliate program such as recently announced ID-3, GraphicID and others. The Solution provides Urbanimmersive’s affiliate partners with the ability to keep offering usual business payment terms, thereby easing the transition of all their service transactions into Urbanimmersive’s real estate marketing content platform. The Solution has also shown to be an effective market differentiator helping to attract and retain users as opposed to freelancer platforms that only offer credit-card payment systems.
The Solution provides the same flexibility as a standard credit card payment system with the exception that it is only available for services sold and invoiced by Urbanimmersive’s platform. Urbanimmersive charges users of its Solution an average monthly interest of 2% (24% annually) on payment balance.
Urbanimmersive’s affiliate program is offered to visual content providers ready to use Urbanimmersive's content marketing platform for 100% of their real estate business transactions with existing and new customers.
“This agreement provides Urbanimmersive with the ability to engage in discussions with new potential affiliate partners with the confidence that we will be able to support their usual payment terms when transferring their customer transactions into our platform. Finaccès Capital has a deep expertise in the real estate financing space and also has the capacity to support multi-millions funding if justified and needed by the success of Urbanimmersive’s affiliate programs”, stated Ghislain Lemire, CEO of Urbanimmersive.
Under the terms of the Agreement, Urbanimmersive will share revenue generated from monthly interests charged on payment balances with Finaccès Capital. Finaccès Capital will provide the Corporation access to a first tranche of $350,000 upon signing of the Agreement, subject to an increase of such amount based on results obtained by the Solution and Urbanimmersive’s growth needs. The completion of the Agreement and the disbursement of the first tranche are conditional upon the completion of a minimum equity financing of $500,000 by the Corporation.
Unit Offering
Urbanimmersive also announced today that it has received a receipt for a preliminary short form prospectus (the "Preliminary Prospectus") in connection with a proposed offering by way of a short form prospectus of units ("Units") at a price per Unit of $0.125 (the "Offering Price") for minimum gross proceeds of $500,000 and maximum gross proceeds of $1,250,000 (the "Offering"). Each Unit will consist of one common share of the Corporation (a "Common Share") and one Common Share purchase warrant ("Warrant"), with each Warrant being exercisable into a Common Share (a "Warrant Share") at an exercise price of $0.25 per Warrant Share for a period of 24 months following the closing of the Offering.
The Offering will be conducted on a "commercially reasonable efforts" pursuant to the terms of an agency agreement to be entered into with Leede Jones Gable Inc. (the "Agent").
The Corporation has also granted the Agent an over-allotment option exercisable within 30 days of closing of the Offering, in whole or in part at the sole discretion of the Agent, to purchase an additional number of Units equal to up to 15% of the Units sold under the Offering at the Offering Price.
In consideration for the services rendered by the Agent in connection with the Offering, the Agent will receive a fee composed of cash and non-transferable options entitling the Agent to purchase units (the “Agent Units”) at the Offering Price, each Agent Unit being comprised of one Common Share and one Warrant.
The Corporation intends to use the net proceeds from the Offering for, among other things, marketing initiatives, the maintenance of the core platform of the Corporation and the development of new front-end features.
The Offering is subject to customary conditions and all regulatory approvals including acceptance by the TSX Venture Exchange and is expected to close on a date to be mutually agreed upon by the Corporation and the Agent. The Corporation cannot confirm when the Offering may be completed or the actual size or terms of such Offering.
A copy of the Preliminary Prospectus, which was filed in each of the provinces of British Columbia, Ontario and Québec, contains important information relating to the Offering and the Units, and is available on SEDAR at www.sedar.com or by contacting the Agent, at (514) 904-0185. There will not be any sale or any acceptance of an offer to buy the Units until a receipt for the final short form prospectus has been issued.
The securities mentioned herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
This press release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States, in any province or territory of Canada or in any other jurisdiction. There shall be no sale of the securities in any jurisdiction in which an offer to sell, a solicitation of an offer to buy or sale would be unlawful.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
About Finaccès
Finaccès Capital is a company specializing in short-term financing for Quebec SMEs with main focus financing vehicle on factoring. Finaccès Capital is 100% owned by Quebec entrepreneurs with several years of experience in real estate financing and management.
About Urbanimmersive
Urbanimmersive is a content marketing platform for real estate professionals. The Corporation connects real estate professionals, photographers and writers in order to simplify and optimize original content production workflow. Urbanimmersive enables its customers to leverage their marketing investment while increasing productivity, competitiveness, their web visibility, consumer engagement with their brand and ultimately, their revenue.
Caution of Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the completion and expected timing of the Offering; whether the terms of the Offering will be as described in this press release; whether the Offering will be successful; the receipt of required regulatory approvals (including stock exchange) in respect of the Offering; the net proceeds from the Offering, the Corporation’s use of the net proceeds from the Offering and the results of activities conducted using such net proceeds, the prospects for the Corporation to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Corporation assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change. For additional information with respect to certain of these and other assumptions and risk factors, please refer to the last Corporation's MD&A filed with the Canadian securities commissions. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements.
For more information:
Urbanimmersive Inc. Ghislain Lemire President & CEO 514-394-7820 X 202 ghislainlemire@urbanimmersive.com www.urbanimmersive.com
