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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 14, 2014) - Urban Communications Inc. (TSX VENTURE:UBN) is pleased to announce a non-brokered convertible debenture financing offering of a minimum of $1,000,000 and a maximum of $2,000,000. The debenture will carry a thirty month term at an interest rate of 8.0% per annum, payable semi-annually, and proceeds will be secured by the Company's assets. The debenture will rank pari passu with existing secured debt with an aggregate principal amount outstanding of $892,000, which together with the new convertible debenture will have first priority against the Company's assets. |
