/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, June 18, 2018 /CNW/ - Mitchell Cohen, Chief Executive Officer and
President of Urbanfund Corp. (TSX-V: UFC) ("Urbanfund" or the
"Company"), announces that the Company's 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 "DRIP"). "We are pleased to announce this
amendment and to continue to provide our shareholders an
opportunity to participate in the DRIP." says Cohen.
On June 17, 2015, the maximum
number of common shares that were reserved for issuance under the
DRIP was 2,000,000 common shares. Since the adoption of the DRIP in
2015, 1,880,576 common shares have been issued and, as of the date
of this press release, 119,424 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
(including unissued common shares under the current DRIP) to
2,272,663 common shares. 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 Company's 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.
ABOUT URBANFUND
Urbanfund is a Toronto-based real estate development and
operating company listed on the TSX Venture Exchange under the
symbol UFC. The Company is a reporting issuer in Alberta, British
Columbia and Ontario.
The Company's focus is to identify, evaluate and invest in real
estate or real estate related projects. The Company's assets
are located in Toronto,
Belleville, Kitchener, London, and Brampton
Ontario and in Montreal and
Quebec City, Quebec and
Dartmouth, Nova Scotia.
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements,
including statements about the Company's DRIP, dividend policy and
proposed dividend payment, which constitute forward-looking
statements. Wherever possible, words such as "may", "will",
"should", "could", "expect", "plan", "intend", "anticipate",
"believe", "estimate", "predict" or "potential" or the negative or
other variations of these words, or similar words or phrases, have
been used to identify these forward-looking statements. These
statements reflect Management's current beliefs and are based on
information currently available to management as at the date
hereof.
Forward-looking statements involve significant risk,
uncertainties and assumptions. Many factors could cause actual
results, performance or achievements to differ materially from the
results discussed or implied in the forward-looking statements.
These factors should be considered carefully and readers should not
place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press
release are based upon what management believes to be reasonable
assumptions, the Company cannot assure readers that actual results
will be consistent with these forward-looking statements. These
forward-looking statements are made as of the date of this press
release, and the Company assumes no obligation to update or revise
them to reflect new events or circumstances, except as required by
law. Many factors could cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements that may be expressed
or implied by such forward-looking statements, including: general
economic and market segment conditions, interest rates, costs
outside of the Company's control such as real estate taxes and
utilities, the ability of tenants to satisfy their contractual rent
obligations and any unforeseen repair, maintenance or replacement
of the Company's assets.
More detailed assessment of the risks that could cause actual
results to materially differ than current expectations is contained
in the "Risks and Uncertainties" section of the Company's most
recent Management's Discussion and Analysis dated May 30, 2018.
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.
SOURCE Urbanfund Corp.
