Urbanimmersive Engages a US Investment Banker for Capital Market Advisory Services and to Raise Up to $US 11M Financing
December 01 2023 - 9:15AM
Urbanimmersive Inc. (“Urbanimmersive,” “the Company,” or “UI”) (TSX
VENTURE: UI) (OTCQB: UBMRF), a provider of 3D digital twin
solutions for real estate marketing, announces its engagement of
Joseph Gunnar & Co, LLC, a US investment bank, for capital
market advisory and investment banking services to raise up to $US
11 million in equity financing. The capital market advisory
services aimed at exploring alternatives available to
Urbanimmersive to improve its market visibility and stock
liquidity, broaden its access to capital in the US and
internationally and/or alternatives to leverage the Company’s
shareholder value. This contemplated equity financing is intended
to raise up to $US 11 million and based on ongoing proposed
alternatives currently under evaluation. This financing will be
realized on a best-effort basis and may include up to $US 1.0
million of convertible debenture as short-term bridge financing,
with terms and conditions to be defined based on market conditions.
The net proceeds of this equity financing, if completed, will be
allocated towards the Company’s general working capital, growth
initiatives, marketing activities, and repayment of certain debts.
Joseph Gunnar & Co., LLC established in
1997, headquartered in New York City and member of FINRA &
SIPC., is a full-service broker-dealer offering a full array of
investment products and services to both private and corporate
clients.
The Company wishes to clarify that while we are
pursuing this equity capital market advisory strategic review and
financing initiative, there can be no assurance that this process
will be successful or that the intended objectives will be met.
Additionally, during this process, Urbanimmersive will not provide
regular updates except as required by securities regulations and
will communicate further information at appropriate junctures as
dictated by regulatory obligations. It is possible that this
process pursued by the Company requires various regulatory
requirements and approvals, including but not limited approvals by
the Securities and Exchange Commission and TSX-V, and there is no
guarantee that the Company can meet those requirements.
Simon Bédard, Chief Financial Officer of
Urbanimmersive, commented, “We believe this process is made
possible by the recognition from sophisticated investment bankers
and investors of the significant market potential of our latest
innovation, the 3D Video Fusion (3D VF), and the competitive
advantage of our vertical technological integration completed in
2023, following our acquisition of HomeVisit from CoreLogic. While
we view this overall process as important and promising, we must
caution our stakeholders that it might be subject to regulatory
requirements and approvals and there is no guarantee of its
successful completion.”
TSX Venture Exchange has not reviewed this press
release and has neither approved nor disapproved the contents of
this press release.
Not for release or distribution in the
United States
This announcement has been prepared for
publication in Canada and may not be released to U.S. wire services
or distributed in the United States. This announcement does not
constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or any other jurisdiction. Any
securities described in this announcement have not been, and will
not be, registered under the US Securities Act of 1933, as amended
(the "US Securities Act"), or any state securities laws, and may
not be offered or sold in the United States except in transactions
exempt from, or not subject to, registration under the US
Securities Act and applicable US state securities laws.
About Urbanimmersive
Urbanimmersive develops and commercializes real
estate photography technologies and services focused on redefining
industry visual content standards. The Company 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 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:
Ghislain LemirePresident & CEO 514-394-7820
X 202ghislainlemire@urbanimmersive.com
Simon Bédard, CA, CPA, CFA, MBAChief Financial
Officer514 394-7820
X 224simonbedard@urbanimmersive.com
Urbanimmersive (TSXV:UI)
Historical Stock Chart
From Nov 2024 to Dec 2024
Urbanimmersive (TSXV:UI)
Historical Stock Chart
From Dec 2023 to Dec 2024