VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 29, 2014) - Urban Select Capital Corp. (TSX VENTURE:CH) (the "Company"), announces today that it has received approval from the TSX Venture Exchange (the "Exchange") to make a normal course issuer bid (the "Bid") to purchase for cancellation, from time to time, as it considers advisable, up to 2,045,145 of its issued and outstanding common shares (being approximately 5% of the common shares outstanding at January 27, 2014). The Bid will be conducted in accordance with applicable securities laws and the policies of the Exchange. Purchases will be made on the open market through the facilities of the Exchange. Jordan Capital Markets Inc. of Vancouver, British Columbia will conduct the Bid on behalf of the Company.
The price which the Company will pay for any shares purchased by it will be the prevailing market price of such common shares on the Exchange at the time of such purchase. However, the Company has set a maximum price of $0.20 for any common shares to be acquired under the Bid.
The Company has not purchased any common shares pursuant to a normal course issuer bid during the previous 12 months. The Bid will commence on January 29, 2014 and will terminate on January 29, 2015, or such earlier time as the applicable Bid is completed or at the option of the Company.
The Board of Directors of the Company believes that the current and recent market prices for the Company's common shares do not give full effect to their underlying value and that, accordingly, the purchase of common shares under the Bid will increase the proportionate share interest of, and be advantageous to, all remaining shareholders. The normal course purchases will also afford an increased degree of liquidity to current shareholders who would like to dispose of their shares.
ABOUT URBAN SELECT
Urban Select Capital Corporation is an investment issuer focused on investing growth capital into private and public companies in a broad range of sectors including natural resources, healthcare, and agriculture and consumer retail services. Urban Select's management team is composed of investment professionals combining an Asian background with Western education and extensive experience in investment banking, venture capital and fund management in Canada, China and the U.S.
Neither the 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.
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.