Overall Business Plan 2003
Urbana Corporation has, for the last two decades, been a self-sustaining resource exploration and development enterprise. “Self-sustaining” meant that funds were generated through investment and business activities, rather than new share issues. The funds were then used to acquire and explore resource prospects.
Over this time, properties were acquired and released (e.g. the diamond prospect in Wawa, Ontario) or expanded, explored and developed such as our 70 claim gold prospect in Urban Townships, Quebec.
This latter group has grown from an original holding of six claims and has had approximately $2,000,000 spent by ourselves and joint venture parties on its development. Improved ground access, coupled with a greater interest in gold in general and this area in particular, augur well for the future of this asset.
Throughout the modern history (post 1980) of this company, there has been a cycle of building the treasury, expending the funds accumulated on exploration and then starting the process over again.
It is clear that Urbana must now build its asset base to significantly higher levels. Thus, for the foreseeable future, a greater emphasis will be placed upon the growth of our marketable investment base.
To this end, a loan of $1 million was secured from Caldwell Financial Ltd. in order to build our treasury. The initial phase has proceeded well, with our liquid assets growing from approximately $225,000 in September 2002 to $600,000 by early July 2003. The investment performance has been exceptional over this period since it also includes the deduction of operating expenses.
Although the nature of our company will not change in the near term, our shareholder value has greater near term potential through the active building of our treasury, while seeking out joint venture partners to participate in the development of our resource properties.
That has, in fact, always been the long-term nature of Urbana Corporation and its previous incarnations. Raise funds, initiate and develop projects, then seek out larger industry participants to bring them to completion. The primary difference in this phase is that, given the nature of Canadian capital markets, it makes sense, at present, to raise the funds internally. This is our quest.
Thomas S. Caldwell