- Urbanimmersive announces a 5 to 1 share consolidation and a $2M line of credit
- The consolidation would result in the number of issued and outstanding common shares being reduced to approximately 30,475,691
- The consolidation should provide greater access to Canadian and US trading platforms and investors
- The effective date for the consolidation will be September 28, 2021
- Urbanimmersive has secured a $2.0M acquisition line of credit to fund further acquisitions
- Urbanimmersive develops and commercializes real estate photography technologies and services
- Urbanimmersive Inc. (UI) opened trading at C$0.15 per share
Urbanimmersive (UI) is pleased to announce a 5 to 1 share consolidation and a $2M acquisition line of credit.
The consolidation was previously approved by the company’s shareholders at the annual and special meeting held on March 30, 2021.
The intended consolidation would result in the number of issued and outstanding common shares being reduced from 152,378,455 existing shares to approximately 30,475,691 new shares. All fractions of new shares will be rounded down to the next lowest whole number. No cash consideration will be paid in respect of fractional shares.
The consolidation should provide greater access to Canadian and US trading platforms as well greater access to investors, brokers, and financial media outlets, increasing the company’s visibility.
The consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSXV.
The effective date for the consolidation will be September 28, 2021. The company’s current name and trading symbol will remain unchanged.
In order to provide additional financial flexibility to execute its growth plan, Urbanimmersive has secured a $2.0M acquisition line of credit. The line of credit is to be used at any time to fund further acquisitions.
Any withdrawal from the line of credit will be converted into a term loan amortized over 5 years and bearing interest at the financial institution base variable rate + 4.50 per cent.
Urbanimmersive has issued a total of 298,211 common shares at a price of $0.22 per common share in settlement of a debt totalling $65,606 to convertible debenture holders.
Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The company’s all-in-one platform enables high-volume photography businesses to increase operational productivity by delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images.
Urbanimmersive Inc. (UI) opened trading at C$0.15 per share.