TSX VENTURE EXCHANGE SYMBOL - UI
MONTREAL, Dec. 5, 2013 /CNW Telbec/ - Urbanimmersive Technologies Inc.
(the "Corporation" or "Urbanimmersive"), is pleased to announce the closing the previously announced private
placement of $1,000,000 (the "Offering") through the sale of 4,000,000 common shares of Urbanimmersive (the "Common Shares") at the price of $0.25 per Common Share, with Desjardins Capital
Markets as sole Agent (the "Agent").
Three investment funds, two of which are already shareholders of the
Corporation, have acquired Common Shares under the Offering.
Certain members of the Board of Directors of the Corporation also
participated in the Offering by acquiring 478,400 Common Shares.
Participation of these insiders in the Offering constitutes a "related
party transaction" as defined in the Regulation 61-101 respecting
protection of minority security holders in special transactions ("MI 61-101"). The Offering is exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of the securities issued to insiders nor the consideration
for such securities by insiders will exceed 25% of the Corporation's
market capitalization. The Corporation did not file a material change
report 21 days prior to closing of the Offering as the details of the
participation of insiders of the Corporation in the Offering had not
been confirmed at that time.
"We are very pleased that these key investors recognize Urbanimmersive's
progress in the real estate market as a significant sign of the
potential of our immersive technology. This financial support allows us
to pursue our goals with ease." said Ghislain Lemire, President and CEO
Urbanimmersive has compensated the Agent through the issuance of 350,000
Common Shares on closing of the Offering.
All Common Shares issued under the Offering were issued pursuant to
exemptions from the prospectus requirements of applicable securities
laws and are subject to a statutory resale restriction until April 6th, 2014.
The net proceeds from the Offering will be used for sales and marketing
initiatives, research and development and for working capital purposes.
The Corporation has received an advance ruling from the Ministère du
Revenu du Québec confirming that the Corporation is a qualified issuing
corporation for the purpose of the Québec Stock Saving Plan ("QSSP II") and that the Common Shares to be issued pursuant to the Offering are
qualified shares for a QSSP II qualified mutual fund.
Headquartered in Laval, Quebec, the Corporation is a leading-edge
digital media company that combines its innovative immersive technology
with high quality visual content to offer, in the real estate online, offline and mobile advertising markets, digital
media visual content immersive solutions. The Corporation also licenses
its full suite of software and technology to channel partners in other
markets. The Corporation currently has 38 employees.
The Corporation is a one stop shop for visual content digital media in
the real estate market. Its customers consist of residential,
commercial and industrial realtors, brokers and home builders to whom
the Corporation offers an innovative and unique immersive technology
which products are utilized for real estate online, offline and mobile advertising, as well as a large
range of visual content services. AVU3D®, the Corporation's immersive multimedia technology, produces 3D
immersive environments of real and future building assets through which
vendors and customers can interact online, either with one another or
with objects present in the virtual environment, as if they were fully
immersed in it. The Corporation's comprehensive suite of software
related to its AVU3D® immersive technology enables its partners and advertisers to add
elements such as hotspots containing links, videos, and gaming
elements. It allows for an engaging immersive user experience therefore
providing a better multimedia and interactive experience for internet
The Corporation's visual content services include the production of 3D
drawings, images and 3D animations, interactive color changing
application and 3D online immersive environments.
The Corporation has a limited direct sales force; however, it reaches
the real estate market through specialized resellers including
architectural photographers, virtual tour providers, web site
producers, architects and marketing communication agencies.
The Corporation's immersive technology is also applied to other markets
such as, but not limited to, serious games, advergames, security,
building and facility management and business advertising. The
Corporation reaches other market segments through channel partners with
which it enters into license agreements enabling them to integrate
Urbanimmersive's immersive multimedia technology into their business
strategy as a value added offer to their customers.
Caution Concerning Forward-Looking Statements
Certain statements made in this press release, which are not historical
facts, are forward-looking statements. The Corporation is hereby
providing cautionary statements identifying important factors that
could cause the actual results to differ materially from those
projected in the forward-looking statements. By their nature,
forward-looking statements involve numerous assumptions, inherent risks
and uncertainties, both general and specific, which contribute to the
possibility that the predicted outcomes may not occur or may be
delayed. Such risks, uncertainties and other factors, many of which are
beyond the control of the Corporation, that could influence actual
results include those summarized under the heading "Risks and
Uncertainties" in the Corporation management discussion and analysis
dated August 27, 2013, filed with the Canadian securities commissions.
Furthermore, unless otherwise noted, any forward-looking statement
speaks only as of the date of this press release, and, except as
required by applicable law, the Corporation does not undertake any
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made or to
reflect the occurrence of unanticipated events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE: Urbanimmersive Technologies
For further information:
Ghislain Lemire, President and CEO
514-394-7820 or email@example.com