Urban Select Closes $1,000,000 Strategic Investment
29 January 2014 - 1:15AM
Marketwired
Urban Select Closes $1,000,000 Strategic Investment
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 28, 2014) -
Urban Select Capital Corporation (the "Company") is pleased to
announce that it closed its previously announced private placement.
Pursuant to the private placement, Oriental Sense Development
Limited (the "Investor"), a private British Virgin Islands
corporation, acquired 12,500,000 common shares ("Shares") of the
Company at a price of $0.08 per Share for proceeds of $1,000,000
(the "Strategic Investment"). The Company and the Investor are at
arm's length and the Investor previously owned no securities of the
Company. No finder's fees were paid in connection with the
Strategic Investment. Upon completion of the Strategic Investment,
the Investor owns approximately 30.56% of the issued and
outstanding Shares and as a result the Investor is a 'control
person' (as that term is defined in the policies of the TSX Venture
Exchange (the "Exchange") of the Company. The Strategic Investment
received the unanimous approval of the Company's shareholders at
the Company's annual and special general meeting (the "Meeting")
held on January 9, 2014. Further information regarding the
Strategic Investment and the Investor was set forth in the
management information circular mailed by the Company to its
shareholders in respect of the Meeting. The Shares are subject to a
four-month hold period which expires on May 28, 2014.
The Company also wishes to announce that Min Kuang, Jas Hayre
and Joseph Fodor were re-elected as directors of the Company at the
Meeting. In addition, David Yoo was elected as a director of the
Company. Prior to the Meeting, David Feldman and Zou Zhendong
decided not to stand for re-election. The Company wishes to thank
Messrs. Feldman and Zhendong for the time and effort they committed
to the Company.
At the Meeting, the Company's proposed consolidation of its
outstanding Shares on the basis of one new common share for every
three Shares currently issued and outstanding (the "Consolidation)
was also approved unanimously. The directors of the Company have
elected to not proceed with this Consolidation at this time, but
may choose to do so at a later date. Completion of Consolidation
will be subject to approval of the Exchange at that time.
ABOUT URBAN SELECT
Urban Select Capital Corporation is an investment issuer focused
on investing growth capital into private and public companies in a
broad range of sectors including natural resources, healthcare, and
agriculture and consumer retail services. Urban Select's management
team is composed of investment professionals combining an Asian
background with Western education and extensive experience in
investment banking, venture capital and fund management in Canada,
China and the U.S.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Caution Regarding Forward-Looking Statements - This news
release contains certain forward-looking statements, including
statements regarding the business of the Company. These statements
are subject to a number of risks and uncertainties. Actual results
may differ materially from results contemplated by the
forward-looking statements. When relying on forward-looking
statements to make decisions, investors and others should carefully
consider the foregoing factors and other uncertainties and should
not place undue reliance on such forward-looking statements. The
Company does not undertake to update any forward looking
statements, oral or written, made by itself or on its behalf except
as required by law.
Urban Select Capital CorporationDavid YooChief Financial Officer
and Managing Director(604) 689-0618(604)
689-0628www.urbanselect.com
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