Urbanimmersive Inc.

Urbanimmersive Inc.

November 24, 2015 16:00 ET

Urbanimmersive Announces the Closing of a $364,000 Financing

MONTREAL, CANADA--(Marketwired - Nov. 24, 2015) - Urbanimmersive Inc. ("Urbanimmersive" or the "Corporation") (TSX VENTURE:UI), is pleased to announce the closing of the private placement announced on November 18, 2015 for gross proceeds of $364,000. Urbanimmersive issued 7,280,000 units at the price of $0.05 per unit. Each unit is comprised of one common share of the Corporation and one common share purchase warrant. Each warrant entitles its holder to acquire one additional common share of the Corporation at a price of $0.075 per common share within the 2 year period ending on November 24, 2017.

The net proceeds of the private placement will be used for sales and marketing initiatives and to finance the current operations of the Corporation.

The directors of Urbanimmersive have participated in the private placement. Participation of insiders in the private placement constitutes a "related party transaction" as defined in Regulation 61-101 respecting protection of minority security holders in special transactions and Policy 5.9 of the TSX Venture Exchange. The private placement is exempt from the formal valuation and minority shareholder approval requirements of such regulations as the fair market value of the consideration for the private placement with respect to the related parties does not exceed 25% of the Corporation's market capitalization.

Jones, Gable & Company Limited has acted as broker in connection with a portion of the private placement. The Corporation has paid a cash commission of $9,000 and has granted to Jones, Gable & Company Limited non-transferable broker warrants entitling it to acquire 180,000 common shares of the Corporation at a price of $0.075 per share within the 2 year period ending on November 24, 2017.

All securities issued under the private placement were issued pursuant to exemptions from the prospectus requirements of applicable securities laws and are subject to a statutory resale restriction until March 25, 2016.

About Urbanimmersive

Based in Laval, Quebec, Canada, Urbanimmersive is a digital media company dedicated to the online real estate market. The company provides marketing content production services and innovative technology solutions specifically designed to increase productivity and business revenues of its customers. The company's customers are primarily home builders, promoters, real estate brokers, brokerage agencies and real estate portals operators.

For more information, visit Urbanimmersive website www.urbanimmersive.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution on Forward-Looking Statements

Certain statements made in this press release that are not historical facts are forward-looking statements and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. For additional information with respect to certain of these and other assumptions and risk factors, please refer to the Management's Discussion and Analysis of the Corporation for the quarter ended June 30, 2015, and filed with the Canadian securities commissions on August 28, 2015. The forward-looking statements contained in this press release represent our expectations as of the date hereof. We disclaim any intention and assume no obligation to update or revise any forward-looking statements.

SOURCE: Urbanimmersive Inc.

Contact Information