VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 28, 2014) - Urban Select Capital Corporation (the "Company") is pleased to announce that it closed its previously announced private placement. Pursuant to the private placement, Oriental Sense Development Limited (the "Investor"), a private British Virgin Islands corporation, acquired 12,500,000 common shares ("Shares") of the Company at a price of $0.08 per Share for proceeds of $1,000,000 (the "Strategic Investment"). The Company and the Investor are at arm's length and the Investor previously owned no securities of the Company. No finder's fees were paid in connection with the Strategic Investment. Upon completion of the Strategic Investment, the Investor owns approximately 30.56% of the issued and outstanding Shares and as a result the Investor is a 'control person' (as that term is defined in the policies of the TSX Venture Exchange (the "Exchange") of the Company. The Strategic Investment received the unanimous approval of the Company's shareholders at the Company's annual and special general meeting (the "Meeting") held on January 9, 2014. Further information regarding the Strategic Investment and the Investor was set forth in the management information circular mailed by the Company to its shareholders in respect of the Meeting. The Shares are subject to a four-month hold period which expires on May 28, 2014.
The Company also wishes to announce that Min Kuang, Jas Hayre and Joseph Fodor were re-elected as directors of the Company at the Meeting. In addition, David Yoo was elected as a director of the Company. Prior to the Meeting, David Feldman and Zou Zhendong decided not to stand for re-election. The Company wishes to thank Messrs. Feldman and Zhendong for the time and effort they committed to the Company.
At the Meeting, the Company's proposed consolidation of its outstanding Shares on the basis of one new common share for every three Shares currently issued and outstanding (the "Consolidation) was also approved unanimously. The directors of the Company have elected to not proceed with this Consolidation at this time, but may choose to do so at a later date. Completion of Consolidation will be subject to approval of the Exchange at that time.
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.