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Urbana Announces Conversion of Convertible Note and Repayment of Demand Loan

TXS Venture:URB

 

Toronto, Ontario – November 3, 2004 – Urbana Corporation (TSX Venture: URB) announced today that it has repaid a demand loan in the amount of $500,000 provided to the Corporation in November 2002 by Caldwell Financial Ltd. (“CFL”). The Corporation also announced today that CFL converted a $500,000 non-interest bearing convertible note (the “Note”) into units at a conversion rate of $0.30 per unit. Each unit is comprised of one common share and one warrant to purchase a common share of the Corporation at $0.30 per common share. CFL has exercised all of its warrants for cash consideration of $500,000. As a result of the conversion of the Note and the exercise of the Warrants, the Corporation has issued 3,333,332 common shares to CFL.

 

Prior to this transaction, in addition to the Note, CFL owned 100,000 common shares of the Corporation.

 

On a fully-diluted basis, after the conversion of the Note and the exercise of the warrants, CFL beneficially owns 3,433,332 common shares representing approximately 39.8% of the total outstanding common shares of the Corporation.

 

The transaction to issue the Note was previously approved by the Corporation’s minority shareholders and by the TSX Venture Exchange.

 

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

 

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

Net Assets per share
as of November 9, 2018
$4.35
URB STOCK TSX: URB-A
2.57 +0.00 (+0.00%)
URB STOCK TSX: URB
2.46 +0.00 (+0.00%)