Urbana Corporation Prices Unit Offering
Toronto, Ontario – December 18, 2006 – Urbana Corporation (“Urbana”) (TSX Venture: URB) is pleased to announce the pricing for the offering of units (“Units”), which Urbana announced on November 30, 2006. Each Unit, comprised of one non-voting Class A share (“Class A Share”) and one-half of one Class A Share purchase warrant (“Warrant”) will be priced at $3.10 per Unit. Each whole Warrant will entitle the holder to purchase one Class A Share at $3.75 for a period of two years from the Closing. The Units will separate into Class A Shares and Warrants immediately upon Closing. The Class A Shares and Warrants have been conditionally listed on the Toronto Stock Exchange. A copy of the preliminary prospectus and the final prospectus in respect of the Offering are available by contacting Susan Bartholomew at Blackmont Capital at 181 Bay Street, BCE Place, Suite 900, P.O. Box 779, Toronto, Ontario M5J 2T3 or on SEDAR at www.sedar.com.
The Offering will be for a minimum of 6,451,700 Units and a maximum of 16,129,100 Units for a minimum of $20 million and a maximum of $50 million. The Agents have been granted an over-allotment option of up to 15% of the maximum offering.
The net proceeds of the Offering will be used to purchase additional participations in various stock exchanges as the opportunity arises and for general corporate purposes.
A syndicate led by Blackmont Capital Inc. (“Blackmont”), and including Canaccord Capital Corporation, Raymond James Limited and Wellington West Capital Markets Inc., has entered into an agency agreement with Urbana in connection with the offering. Urbana has filed a final prospectus in connection with the offering.
Caldwell Financial Ltd. (“Caldwell Financial”) owns 40% of Urbana’s common shares and is controlled by Thomas S. Caldwell, the President of Urbana. Thomas S. Caldwell beneficially owns directly or indirectly 950,927 common shares of Urbana and exercises control or direction over the 4,000,000 common shares of Urbana owned by Caldwell Financial through his interest in Caldwell Financial. In total, Thomas S. Caldwell owns and exercises control or direction over approximately 49.5% of Urbana’s common shares. Caldwell Investment Management Ltd., which acts as investment manager for Urbana, is wholly owned by Caldwell Financial.
This press release has not been reviewed by the TSX Venture Exchange and the TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Please contact Thomas S. Caldwell at 416-595-9106 for further information.