SOURCE: Urban Communications Inc.

Urban Communications Inc.

November 30, 2015 09:00 ET

Urban Communications Inc. Concludes Redemption of Convertible Debentures

VANCOUVER, BC--(Marketwired - November 30, 2015) - Urban Communications Inc. (TSX VENTURE: UBN), one of the country's first telecommunications companies to deliver Gigabit Internet service to the home, announces that it has completed the redemption of $2,619,259 of convertible debentures and has discharged an additional $297,500 in secured debt from new financing originally announced October 7, 2015.

The convertible debentures carried a potential dilutive effect of 54,000,000 shares if they were fully converted and warrants attached to those instruments were fully exercised. The Company has issued 18,900,000 loan bonus warrants in relation to the new financing of 3,150,000, substantially reducing the dilutive effect of the loan facility and providing additional working capital as well.

The Company has exercised its option to increase the new loan by $500,000 and will issue an additional 3,000,000 loan bonus warrants in relation to that increase.


Urban Communications Inc. (TSX VENTURE: UBN) 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. The Company's fibre optic network covers 200 km. across metro Vancouver and Victoria. 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.

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