NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
TORONTO, June 15, 2020 (GLOBE NEWSWIRE) — Mitchell Cohen, Chief Executive Officer and President of Urbanfund Corp. (TSX-V: UFC) (âUrbanfundâ or the âCompanyâ), announces that the Companyâs board of directors has approved an increase to the number of common shares available for issuance pursuant to its dividend reinvestment plans for holders of its common shares and Series A, first preferred shares (collectively, the âDRIPâ). âWe are pleased to announce this amendment and to continue to provide our shareholders an opportunity to participate in the DRIP,â says Cohen.
On June 17, 2015, at the time of the adoption of the DRIP, the maximum number of common shares that were reserved for issuance under the DRIP was 2,000,000 common shares. On June 13, 2018, the DRIP was amended to reserve an additional 2,153,239 common shares under the DRIP. Since the adoption of the DRIP in 2015, 4,712,979 common shares have been issued and, as of the date of this press release, no common shares remain available for issuance.
The amendment to the DRIP increases the maximum number of aggregate common shares reserved for issuance pursuant to the DRIP to 2,414,283 common shares, including 561,520 common shares that were issued in excess of the maximum number of common shares previously issuable under the DRIP. This amendment remains subject to TSX Venture Exchange approval.
The Company has dividend reinvestment plans for holders of its common shares and Series A, first preferred shares. The DRIP provides eligible shareholders with the opportunity to reinvest their cash dividends, on each dividend payment date, in additional common shares of the Company at a 5% discount to the volume-weighted average trading price of the common shares for the ten-day period preceding the dividend payment date. The maximum number of common shares reserved for issuance pursuant to the DRIP may not exceed 5% of the Companyâs issued and outstanding common shares. Shareholders are encouraged to review the text of the DRIP, which are available at www.sedar.com, and consult with their investment advisors should they desire to participate.
The declaration and payment of dividends is at the discretion of the board of directors of the Company and any future declaration of dividends will depend on the Company’s financial results, cash requirements, future prospects and other factors deemed relevant by the board of directors of the Company.
Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange (âTSX-Vâ) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario.
The Companyâs focus is to identify, evaluate and invest in real estate or real estate related projects. The Companyâs assets are located in Toronto, Belleville, Kitchener, London, and Brampton, Ontario and in Montreal and Quebec City, Quebec and Dartmouth, Nova Scotia.
Certain information included in this press release contains forward-looking information within the meaning of applicable Canadian securities laws. This information includes, but its not limited to, statements made about the Company’s dividend policy, dividend payment and DRIP, as well as statements with respect to managementâs beliefs, plans, estimates, and intentions, and similar statements concerning anticipated future events, results, circumstances, performance or expectations that are not historical facts. Forward-looking information generally can be identified by the use of forward-looking terminology such as âmayâ, âwillâ, âwouldâ, âexpectâ, ââintendâ, âestimateâ, âanticipateâ, âbelieveâ, âshouldâ, âplanâ, âcontinueâ, or similar expressions suggesting future outcomes or events or the negative thereof. Such forward-looking information reflects managementâs beliefs and is based on information currently available. All forward-looking information in this press release is qualified by the following cautionary statements.
Forward-looking information necessarily involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, assumptions may not be correct and objectives, strategic goals and priorities may not be achieved. A variety of factors, many of which are beyond Urbanfundâs control, affect the operations, performance and results of the Company and its subsidiaries, and cause actual results to differ materially from current expectations of estimated or anticipated events or results.
A more detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the Risks and Uncertainties section of Urbanfundâs Management Discussion and Analysis for the three months ended March 31, 2020.
The forward-looking information included in this press release is made as of the date hereof and should not be relied upon as representing Urbanfundâs views as of any date subsequent to the date hereof. Management undertakes no obligation, expect as required by applicable law, to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
For further information, please contact:
Chief Executive Officer and President
416-703-1877 ext. 1025
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.