SAINT-HUBERT, Quebec, Sep 23, 2021 (GLOBE NEWSWIRE) – Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce its intention to consolidate all of its issued and outstanding ordinary shares at the rate of one new ordinary share for 5 existing ordinary shares. The Consolidation was previously approved by the shareholders of the Company at the annual and extraordinary meeting held on March 30, 2021.
The planned consolidation would reduce the number of issued and outstanding ordinary shares from 152,378,455 existing shares to approximately 30,475,691 new shares. The exercise or conversion price of the warrants and options, and the number of ordinary shares that may be issued under them, will also be adjusted proportionally to the completion of the combination. No fractional share will be issued following the Combination. All fractions of new shares will be rounded down to the next lower whole number. No cash consideration will be paid for fractional shares.
This consolidation is expected to provide greater access to Canadian and US trading platforms as well as greater access to investors, brokers and financial media, which should increase the visibility and awareness of the Company.
Consolidation is subject to obtaining all required regulatory approvals, including approval from the TSX Venture Exchange. The Company will obtain a new set of CUSIP and ISIN numbers for consolidation. The effective date of the consolidation and the new CUSIP and ISIN numbers will be September 28, 2021. The Company expects that its current name and ticker symbol will remain unchanged.
The TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.
Acquisition line of credit
In order to provide additional financial flexibility to execute its growth plan, the Company has obtained from its main lender a $ 2.0 million acquisition line of credit that can be used at any time for other acquisitions, when and if necessary, depending on market conditions. The acquisition line of credit can be used to finance up to 50% of any acquisition with a maximum of 3.0 times the target EBITDA. Any drawdown of an acquisition line of credit will be converted immediately into a term loan amortized over 5 years and bearing interest at the base variable rate of the financial institution + 4.50%.
With regard to the press release of March 9, 2021 on the conversion of convertible debentures, the Company issued a total of 298,211 common shares at a price of $ 0.22 per common share in settlement of debt totaling 65,606 $ in favor of holders of convertible debentures.
Urbanimmersive develops and markets real estate photography technologies and services focused on redefining industry visual content standards. The company’s all-in-one platform enables high-volume photography businesses to increase operational productivity by delivering feature-rich 3D tours and floor plans, cutting-edge real estate websites and imagery indexed by high-resolution AI. The Company’s operating segments include software (SaaS), 3D photography equipment and, in a growing number of North American cities, technology-driven real estate photography services business units leading the transformation of standards. industry when it comes to photo shoots. Learn more at urbanimmersive.com.
Caution regarding forward-looking statements
Certain statements contained in this press release, other than statements of historical fact, are forward-looking information that involve various risks and uncertainties. Such statements relating, among other things, to the prospects for improving the Company’s operating results, are necessarily subject to risks and uncertainties, some of which are material by their scope and nature. These uncertainties may cause actual results to differ from the information contained in this document. There can be no assurance that these statements will prove to be correct. Actual results and future events could differ materially from those anticipated in these statements. These subsequent written and oral forward-looking statements are based on the estimates and opinions of management on the dates on which they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions change.
For more information please contact:
President and CEO
514-394-7820 ext 202
Simon Bédard, CA, CPA, CFA, MBA
514 394-7820 ext. 224