MONTREAL, June 12, 2018 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (" Urbanimmersive " or the " Corporation ") (TSXV:UI) (OTC PINK:UBMRF), the real estate content marketing platform, is pleased to announce that it has engaged Leede Jones Gable Inc. as lead agent and sole bookrunner in connection with a private placement of 10% secured extendible convertible debentures (the " Convertible Debentures ") for gross proceeds of up to $6,250,000 (the " Private Placement ») which the net proceeds are intended to be used to finance the previously-announced acquisition by the Corporation of Tourbuzz, LLC.. Urbanimmersive intends to finance the balance of the purchase price, as and if required, with senior first rank secured bank debt.
The Convertible Debentures are convertible into common shares in the capital of the Corporation (" Common Shares ") at a price of $0,125 per Common Share and will mature on the date which is four years from the closing date of the Private Placement (the " Maturity Date "). Each investor in the Private Placement will receive a number of detachable Common Share purchase warrants (" Warrants ") equal to the principal amount of Convertible Debentures subscribed by the investor. Each Warrant will be exercisable in one Common Share at a price of $0.25 until the Maturity Date. There will be no minimum subscription amount per investor.
The Corporation also wishes to announce the termination of its engagement letter with Echelon Wealth Partners Inc. (" Echelon ") announced last week. The termination of the Echelon Engagement Letter was a mutual decision between Urbanimmersive and Echelon. Echelon will still be part of the selling group in connection with the Private Placement.
The closing of the Private Placement is expected to occur on or about June 27, 2018, and is subject to applicable regulatory approvals, including approval of the TSX Venture Exchange.
The TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
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 on Forward-Looking Statements
Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions. A number of factors beyond the control of the Corporation could cause the aforementioned Private Placement to be delayed or cancelled, including general market conditions, failure to locate subscribers willing to participate or failure to obtain the necessary regulatory approvals. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. For additional information with respect to certain of these and other assumptions and risk factors, please refer to the last Management's Discussion and Analysis of the Corporation 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
