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| Home : Urban Select Closes $1,000,000 Strategic Investment |
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Jan 28
2014 |
Urban Select Closes $1,000,000 Strategic Investment |
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VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 28, 2014) - Urban Select Capital Corporation (the "Company") is pleased to announce that it closed its previously announced private placement. Pursuant to the private placement, Oriental Sense Development Limited (the "Investor"), a private British Virgin Islands corporation, acquired 12,500,000 common shares ("Shares") of the Company at a price of $0.08 per Share for proceeds of $1,000,000 (the "Strategic Investment"). The Company and the Investor are at arm's length and the Investor previously owned no securities of the Company. No finder's fees were paid in connection with the Strategic Investment. Upon completion of the Strategic Investment, the Investor owns approximately 30.56% of the issued and outstanding Shares and as a result the Investor is a 'control person' (as that term is defined in the policies of the TSX Venture Exchange (the "Exchange") of the Company. The Strategic Investment received the unanimous approval of the Company's shareholders at the Company's annual and special general meeting (the "Meeting") held on January 9, 2014. Further information regarding the Strategic Investment and the Investor was set forth in the management information circular mailed by the Company to its shareholders in respect of the Meeting. The Shares are subject to a four-month hold period which expires on May 28, 2014. |
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| Source:http://www.marketwired.com/mw/release.do?id=1873160&sourceType=3 |
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