SAINT-HUBERT, QC, April 7, 2021 /PRNewswire/ - Urbanimmersive Inc. ("Urbanimmersive," the "Company" or "UI") (TSXV: UI) (OTCQB: UBMRF) is pleased to announce having closed a non-brokered private placement of 15 million units at a price of $0.20 per unit for net proceeds of $3.0 million. Each unit consists of one common share of the Company and one share purchase warrant entitling the holder to purchase an additional common share of the Company at a price of $0.24 per share until April 6, 2023.
The proceeds include participations from institutional funds DKAM Capital Ideas Fund and Rivemont Microcap Fund, Charles Drouin from Prospects.com (Company's partner) as well as Management. The proceeds are anticipated to be used for sales and marketing related activities and general purposes.
"We are excited to have completed this financing from select and strategic investors demonstrating the strong support of our actual business and its great potential that we are beginning to truly unlock. With the significant and increasing demand for our immersive 3D tours and interactive meetings (UiMeet3D) in both the residential and commercial real estate market and new market segments (security, retail, asset management), those funds would allow us to capitalize on our first mover advantage by speeding up the commercialization and the adoption of those innovative products and by investing more in our sales and marketing while making sure we continue to generate profitable growth. As a cash flow positive business for more than two years now, our $4.5M debentures converted into equity and our current liquidities of approx. $4.0M, it provides us a lot more flexibility going forward to scale up the business and invest, when needed, in some strategic opportunities", stated Simon Bedard, CFO of Urbanimmersive.
A referral fee was paid as compensation warrants to purchase up to 88,000 common shares of the Company at a price of $0.24 per share at any time until April 6, 2023. All securities issued in the private placement are subject to a four-month-and-a-day hold period until August 7, 2021.
TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Urbanimmersive is a SaaS business management solution that provides mission-critical solutions to visual content providers serving the real estate residential, commercial, construction, and local business markets. Urbanimmersive' platform helps customers to increase operational productivity and delivering the full potential of visual content creations through leading-edge websites builder tool, AI-backed image indexing, robust file transfer systems, and interactive visual technology solutions. The firm's core technology is a 3D emulator powered by a visual content recognition post-production algorithm that delivers online and offline alternatives to traditional 3D engines for the creation of immersive digital environments. Learn more at urbanimmersive.com.
Caution of Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.
SOURCE Urbanimmersive Inc.
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