SOURCE: Urban Communications Inc.

Urban Communications Inc.

January 05, 2016 17:55 ET

Urban Communications Inc. Announces Grant of Options and Warrants

VANCOUVER, BC--(Marketwired - January 05, 2016) - Urban Communications Inc. (TSX VENTURE: UBN) announces the granting of an aggregate of 2,010,000 incentive stock options to directors, employees and consultants of the Company in accordance with the Company's incentive stock option plan and policies established by the board of directors designed to attract, retain and motivate industry, business, finance, sales and technical professionals at all levels. Of the total number of options granted, 650,000 options were granted to directors, and all options are exercisable at a price of $0.085 until November 12, 2018.

In addition, subject to regulatory approval, the Company has granted 1,308,411 warrants to purchase shares at $0.069 per share until December 31, 2016, to two directors in order to indemnify them for the loss of private options they agreed to forego for the benefit of the Company as part of a broader settlement of litigation against the Company. Settlement of the litigation was announced on November 30, 2015. All securities issued pursuant to the grant of warrants will be subject to a statutory four month hold period and may not be traded in British Columbia until May 2, 2016, except as permitted by the British Columbia Securities Act and Regulations made thereunder. In addition, without prior written approval of the TSX Venture Exchange and compliance with all applicable securities legislation, shares issued upon exercise of the warrants may not be sold, transferred, hypothecated or otherwise traded on or through the facilities of the TSX Venture Exchange or otherwise in Canada or to or for the benefit of a Canadian resident until May 2, 2016.


Urban Communications Inc. (TSX VENTURE: UBN) is a telecommunications company providing a full suite of Internet, voice, video and broadband application products over its 200 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.

Contact Information