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Urbanimmersive closes $364,000 private placement

2015-11-24 14:05 MT - News Release

Mr. Ghislain Lemire reports

URBANIMMERSIVE ANNOUNCES THE CLOSING OF A $364,000 FINANCING
Urbanimmersive Inc. has closed the private placement announced on Nov. 18, 2015, for gross proceeds of $364,000. Urbanimmersive issued 7.28 million units at the price of five cents per unit. Each unit comprises 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 7.5 cents per common share within the two-year period ending on Nov. 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.

We seek Safe Harbor.

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