Urbanimmersive Strengthens Its Financial Position Through New Funding and Debt Repayments Deferral
2023年6月28日 - 10:00PM
Urbanimmersive Inc. (“Urbanimmersive,” the “Company” or “UI”)
(TSV-V UI) (OTCQB: UBMRF) is pleased to announce today having
completed a non-brokered private placement of 11,538,461 units at a
price of $0.065 per unit for net proceeds of $750,000. Each unit
consists of one common share of the Company and a warrant entitling
the holder to purchase one additional common share of the Company
at a price of $0.10 per share until June 27, 2026. The net proceeds
should be used for working capital and general purposes. The units
issued under this private placement are subject to a hold period of
four months and one day until October 28, 2023. No commissions were
paid. The closing of this arm's length private placement is subject
to the approval of the TSXV and other customary conditions.
Furthermore, the
Company has reached an agreement with its bank to restructure its
two main term loans (balance of $2.6m as of today) and was thus
able to obtain 1) a capital repayment moratory until February 2024
inclusively and 2) that a portion (5.50%) of the interests payable
monthly to rather be capitalized to the loans until maturity in
June 2024.
The Company has also
reached an agreement with its principal financial partner and
shareholder to restructure its promissory note (face value of
$6.5m) related to the acquisition of HomeVisit so that 50% is
payable no later than October 19, 2027 and 50% is payable no later
than October 19, 2030. In addition to the annual interest of 7.50%
capitalized to the promissory note, all integration costs charged
to the Company (~ US$224k) by the Seller will be capitalized to the
promissory note as well. The annual interest will now be calculated
on the face value of the promissory note (initially $6.5m) to
exclude capitalized interest in the calculation. This written
agreement is subject to the finalization of the legal documentation
and any other conditions required by the regulatory
authorities.
The principal
repayment moratory and the interest relief obtained on the two main
term loans as well as the restructuring of the promissory note
should allow the Company to free up to > $1.0m of liquidities
over the next 12 months and ~ $1.5m over the next 5 years. By
combining these creditor reliefs, the rationalization of personnel
and the optimization of operations carried out over the last couple
of months and the private placement of $750k, the Company should be
able to free up cash of nearly $4.0m over the next 12 months. All
those measures should, among other things, allow the Company to
rebalance its working capital and strengthen its financial position
in general, while remaining resolutely focused on growing its
business further.
“We are pleased to
have obtained this important strategic financing as well as the
support of our principal financial partners who demonstrate their
confidence in our team and our business plan. The combination of
this financing and the debt relief granted provides us with the
financial flexibility necessary to accelerate our sales, marketing
and product development efforts in order to generate our expected
organic growth. Those important measures will strengthen our
financial situation, improve our operational efficiency and
ultimately look to the future of Urbanimmersive with optimism,”
said Simon Bédard, Chief Financial Officer of Urbanimmersive.
In recent months, the
Company’s management and some employees have accepted that a
portion of their compensation be paid in shares in order to reduce
the pressure on the Company's liquidities. The Company issued
1,167,160 shares at a price of $0.065 to management, employees and
a consultant as compensation.
TSX Venture Exchange has not reviewed this press
release and has neither approved nor disapproved the contents of
this press release.
About Urbanimmersive
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 delivering feature-rich 3D tours and floor
plans, leading-edge property websites and high-resolution
AI-indexed images. The Company's operating segments include
software (SaaS), 3D photography equipment and, in a growing number
of North American cities, technology-powered real estate
photography service business units leading the industry
photo-shoots standards transformation. Learn more at
urbanimmersive.com.
Caution of Forward-Looking Statements
Certain statements in this news release, other
than statements of historical fact, are forward-looking information
that involves various risks and uncertainties. Such statements
relating to, among other things, the prospects for the company to
enhance operating results, are necessarily subject to risks and
uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from
information contained herein. There can be no assurance that such
statements will prove to be accurate. Actual results and future
events could differ materially from those anticipated in such
statements. These and all subsequent written and oral
forward-looking statements are based on the estimates and opinions
of the management on the dates they are made and expressly
qualified in their entirety by this notice. The Company assumes no
obligation to update forward-looking statements should
circumstances or management estimates or opinions change.
For more information, please contact:
UrbanimmersiveGhislain LemirePresident & CEO514-394-7820
X 202ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA,
CFA, MBAChief Financial Officer514 394-7820
X 224simonbedard@urbanimmersive.com
Urbanimmersive (TSXV:UI)
過去 株価チャート
から 11 2024 まで 12 2024
Urbanimmersive (TSXV:UI)
過去 株価チャート
から 12 2023 まで 12 2024