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Urbana Announces Completion of $3 Million Private Placement

TXS Venture:URB


Toronto, Ontario – May 14, 2004 – Urbana Corporation (“Urbana”) (TSX Venture: URB) is pleased to announce the completion of private placement equity financing of its securities to accredited investors. 3,000,000 common shares of Urbana were issued today at a purchase price of $1.00 per common share for total proceeds of $3,000,000. No commissions were paid to any agent or underwriter in connection with the private placement. The common shares issued today may not be sold, transferred or traded before September 15, 2004.


The proceeds of the offering are expected to be used for general corporate purposes and it is management’s intention to finance the purchase of an additional seat on the New York Stock Exchange. In addition, proceeds will be used to supplement Urbana’s investment program and to develop its gold prospect holdings in Urban Township, Quebec.


Urbana is currently focusing its mineral exploration efforts on its 72 claim holding in Urban Township, Quebec.


Please contact Thomas S. Caldwell at 416-595-9106 for further information.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.


This press release has not been reviewed by the TSX Venture Exchange.

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