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 of Urbanimmersive.
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 users.
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 protected]