Urban Barns Obtains $500,000 US Financing from Dundee Agricultural Corporation and Jeremy Kendall, Director of Urban Barns Foods Inc.
April 10, 2014 12:45 PM EDT | Source: Urban Barns Foods Inc.
Montreal, Quebec--(Newsfile Corp. - April 10, 2014) - URBAN BARNS FOODS INC. (OTCQB: URBF) ("the Company" or "Urban Barns"), announces a private placement financing of 21,367,521 common shares ("Common Shares") of the Company priced at 2.34 cents per Common Share for gross proceeds of $500,000 US. The price per Common Share was determined by the 20 day weighted average closing price of the Common Shares to Monday, April 7th, 2014. Dundee Agricultural Corporation ("Dundee"), a significant shareholder of the Company, and Jeremy Kendall, a Director of the Company subscribed for Common Shares of this offering.
The Company announces that it has closed on the $400,000 US subscription by Dundee and expects to close the balance of the financing on or before April 22, 2014.
The proceeds of the financing will be used for working capital to prepare and launch the world's first commercial Cubic Farm located in Mirabel, Quebec.
About Urban Barns Foods Inc.
Urban Barns uses patent
pending proprietary equipment to produce affordable vegetables in a secure and
controlled indoor environment. By setting up subsidiary facilities and growing
locally, Urban Barns can focus on supplying any community, irrespective of the
regional climate, effectively reducing shipping times and related spoilage
costs. Urban Barns has the unique ability to scale and cater to the demands of
all major communities. Our commitment to our consumers is reflected through our
motto, "Purely Fresh, Naturally Tasty, and Completely Healthy". The websites
www.urbanbarns.com and www.urbanbarnsfoods.com are registered
trademarks and Cubic Farming and Cubic Agriculture are copyright of Urban Barns.
All other company and product names mentioned are used only for identification
purposes and may be trademarks or registered trademarks of their respective
companies.
Forward-Looking Statements:
Except for historical
information contained herein, the matters set forth above may be forward-looking
statements that involve certain risks and uncertainties that could cause actual
results to differ from those in the forward-looking statements. Words such as
"anticipate", "believe", "estimate", "expect", "intend" and similar expressions,
as they relate to Urban Barns or its management, identify forward-looking
statements. Such forward-looking statements are based on the current beliefs of
management, as well as assumptions made by and information currently available
to management. Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors such as the level
of business and consumer spending, the amount of sales of Urban Barns' products,
the competitive environment within the industry, the ability of Urban Barns to
continue expanding its operations, the level of costs incurred in connection
with Urban Barns' expansion efforts, economic conditions in the industry and the
financial strength of Urban Barns' customers and suppliers. Urban Barns does not
undertake any obligation to update such forward-looking statements. Investors
are also directed to consider all other risks and uncertainties.
Contacts:
Urban Barns Foods Inc.
Richard Groome, President and CEO
rgroome@urbanbarns.com
Tel: 514 907 4989 x 774