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.
About Urbanimmersive
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