Urban Communications Inc.

Urban Communications Inc.

February 05, 2015 19:23 ET

Urban Communications Inc. Announces Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 5, 2015) - Urban Communications Inc. (TSX VENTURE:UBN) is pleased to announce a non-brokered private placement of up to 10.0 million Units at a purchase price of $0.10 per Unit for aggregate gross proceeds to Urban of up to $1,000,000. Each Unit is comprised of one common share and one-half share purchase warrant, and two one-half warrants will entitle the holder to purchase one warrant share for $0.20 within 18 months from the closing date. The financing will close in one or more tranches on such dates to be determined by the Company.

With funds raised through other financings since August, 2014, Urban has discharged secured and unsecured debt and reduced its working capital deficiency by over $2.3 million, has upgraded core and edge electronic equipment, made several key executive hires and has launched its industry leading residential and commercial services. Funds from the current financing will be used for expansion capital during the next 12 months.

Urban Communications Inc., through its operating subsidiaries, is a telecommunications company providing a full suite of Internet, voice, video and broadband application products over its state-of-the-art carrier grade fibre optic network to commercial, residential and public sector customers in metro Vancouver and Victoria.

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.

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