VANCOUVER, BC / ACCESSWIRE / February 11, 2019 / Urban Select Capital Corporation (TSX-V: CH) ("Urban Select" or the "Company") is pleased to announce it has closed its previously announced non-brokered private placement for gross proceeds of $1,178,613 (the "Offering"). In connection with the offering, 15,714,839 units at a price of $0.075 per unit have been issued, representing an oversubscription of 2,381,506 units.
Each unit comprises one common share and one half of one common share purchase warrant exercisable at $0.125 for one year. In accordance with securities legislation, all securities issued under the offering will be subject to a four-month hold period expiring on June 11, 2019. The company paid cash commissions to eligible finders under the offering totaling $72,669 and issued 968,920 broker warrants, exercisable at any time up to 12 months following the closing of the offering at $0.125 per share.
The company will use the net proceeds of the offering for investments and general working capital purposes.
The TSX Venture Exchange has accepted final closing of this offering.
"Closing this financing is an important step in the right direction for Urban Select in 2019," said David Yoo, Director and CFO. "We have the working capital necessary to look into and take the next steps on significant investment and acquisition opportunities that we are seeing in the first quarter of 2019," continued Ms. Kuang.
Urban Select is also pleased to announce the addition of Nikolai Vassev its board of directors. Mr. Vassev spent 5 years in the technology sector where he was responsible for negotiating contract agreements with mid market and enterprise organizations, as well as the Canadian and US governments. Most recently, Mr. Vassev was a Business Development Manager at D3 Security Systems, where he was responsible for forming technology partnerships and driving strategic net new sales to enterprise companies worldwide. He currently provides consulting services in the areas of capital markets and corporate advisory to both private and public companies. Mr. Vassev holds a Marketing Management Diploma from the BCIT School of Business.
Esther Mei has resigned as a director of Urban Select, effective February 6, 2019. The company would like to sincerely thank Ms. Mei for her services to date and wishes her the best of luck with her future endeavors.
About Urban Select Capital Corp.
Urban Select Capital Corp. is an investment issuer focused on investing growth capital in private and public companies in a broad range of sectors including natural resources, media & entertainment, education, healthcare 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.
For further information, please contact:
David Yoo
CFO and Director
Urban Select Capital Corporation
Telephone: (604) 689-0618
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.
SOURCE: Urban Select Capital