Urbanimmersive Provides Update on Proposed Brokered Private Placement of Secured Extendible Convertible Debentures
Summary
MONTREAL, June 12, 2018 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (" Urbanimmersive " or the " Corporation ") (TSXV:UI) (OTC PINK:UBMRF), the real estate content marketing platform, is pleased to announce that it has engaged Leede Jones Gable Inc. as lead agent and sole bookrunner in connection with a private placement of 10% secured extendible convertible debentures (the " Convertible Debentures ") for gross proceeds of up to $6,250,000 (the " Private Placement ») which the net proceeds are intended to be used to finance the previously-announced acquisition by the Corporation of Tourbuzz, LLC.. Urbanimmersive intends to finance the balance of the purchase price, as and if required, with senior first rank secured bank debt.The Corporation connects real estate professionals, photographers and writers in order to simplify and optimize original content production workflow.Urbanimmersive enables its customers to leverage their marketing investment while increasing productivity, competitiveness, their web visibility, consumer engagement with their brand and ultimately, their revenue.A number of factors beyond the control of the Corporation could cause the aforementioned Private Placement to be delayed or cancelled, including general market conditions, failure to locate subscribers willing to participate or failure to obtain the necessary regulatory approvals.For additional information with respect to certain of these and other assumptions and risk factors, please refer to the last Managements Discussion and Analysis of the Corporation filed with the Canadian securities commissions.