MONTREAL, July 18, 2014 /CNW Telbec/ - La Caisse de dépôt et placement
du Québec ( "La Caisse") announced that, under the terms of a subscription agreement, it has
subscribed for secured convertible debenture (the "Debenture") of Urbanimmersive Technologies Inc. (the "Corporation" or "Urbanimmersive") (TSXV: UI) with a $150,000 principal amount.
Since its inception in 2007, Urbanimmersive has focused on the
development of Web and 3D immersive technologies for the real estate
market. In particular, the company operates a website that presents an
extensive inventory of existing and future residential properties,
using immersive virtual tours.
The subscription was made through a private placement under the
accredited investor exemption provided by applicable securities
The Debenture matures on July 18, 2019, and does not bear interest. The
Debenture is secured by the granting of a security interest over the
Corporation's assets, subordinated to that of the Corporation's bank
The Debenture is convertible into common shares of the Corporation (the
"Common Shares"), at the option of the holder, at any time, at the conversion price of
$0.15 per Common Share.
Before this subscription, La Caisse held 1,750,000 Common Shares, or
9.69% of the Common Shares outstanding.
If La Caisse fully exercised its conversion right under the Debenture,
it would acquire ownership of 1,000,000 Common Shares, which would
bring its total ownership of the Common Shares to 2,750,000, or 13.49%
of the Common Shares outstanding.
La Caisse may increase or decrease its investment in the Company based
on market conditions or other relevant factors.
This news release is issued in accordance with the early warning
requirements stipulated by securities regulation, which require that
investors, including La Caisse, issue and file a news release and a
report, then they acquire beneficial ownership of securities with
voting rights that would represent, with the securities they already
hold, 10% or more of the outstanding shares of the class.
In accordance with the Early Warning System, a copy of this news release
and the report will be filed with the applicable Canadian Securities
Administrators and will be available on SEDAR's website (www.sedar.com) and from the person referred to below.
SOURCE: Caisse de dépôt et placement du Québec
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