Company sells 21,367,521 common shares at $0.0234 apiece in offering
By Devika Patel
Knoxville, Tenn., April 10 - Urban Barns Foods Inc. said it completed a $500,000 private placement of stock.
The company sold 21,367,521 common shares at $0.0234 per share. The price per share is a 17% premium to the April 9 closing share price of $0.02. The company noted that the price was determined by the 20-day weighted average closing price of the stock to April 7.
Dundee Agricultural Corp. invested $400,000, and director Jeremy Kendall also participated.
Proceeds will be used for working capital to prepare and launch a commercial Cubic Farm in Mirabel, Quebec.
The producer of select organic and conventional fruits and vegetables is based in Montreal.
| Issuer: | Urban Barns Foods Inc.
|
| Issue: | Common stock
|
| Amount: | $500,000
|
| Shares: | 21,367,521
|
| Price: | $0.0234
|
| Warrants: | No
|
| Investors: | Dundee Agricultural Corp. (for $400,000) and Jeremy Kendall
|
| Settlement dates: | April 10 (for $400,000); April 22
|
| Stock symbol: | OTCBB: URBF
|
| Stock price: | $0.02 at close April 9
|
| Market capitalization: | $6.17 million
|
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