Vancouver (pcJ News Briefs) – Urban Communications Inc. (TSX-V: UBN) has closed a first tranche of previously announced non-brokered private placement of 10,364,293 units at $0.07 per unit for gross proceeds of $725,500.50.
The TSX Venture Exchange initially gave conditional approval for Urban to raise $500,000, and then to increase the financing to $1,500,000 based upon demand, and Urban will continue through a second tranche in order to raise additional equity capital.
Each unit is comprised of one common share and one common share purchase warrant which will entitle the holder to purchase one common share for $0.12 within 24 months from the closing date.
Proceeds will be used for working capital during the next 12 months.
Urban Communications Inc. 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).
photo credit: Urban Communications