Urbanfund plans private placement of shares for C$10 million

By Laura Lutz

Des Moines, Oct. 17 - Urbanfund Corp. intends to raise C$10 million from a private placement of shares.

Blackmont Capital Inc. will lead a syndicate of agents that also includes M Partners Inc. and Dundee Securities Corp.

Pricing will be set in the context of the market, according to a news release.

Settlement is expected on Nov. 14.

Urbanfund is a Toronto-based real estate development and operating company.

The company will use some of the proceeds from the offering to acquire North Fort Centre in Belleville, Ont., and Wonderland Plaza in London, Ont. The remainder will be used for working capital and general corporate purposes.

The placement is not contingent on closing of the acquisitions.

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