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TORONTO, ONTARIO--(Marketwired - Feb 12, 2016) - In accordance with the early warning requirements under applicable securities laws, Reznick Construction Limited (the "Offeror") announced today a change in its holdings in Urbanfund Corp. ("Urbanfund").
The Offeror entered into an agreement to purchase 5,459,000 common shares of Urbanfund by way of a private placement, which represents 12.4% of the issued and outstanding common shares of Urbanfund ("Common Shares") as of January 31, 2016. Immediately following the acquisition, the Offeror will own 10,797,500 Common Shares, which represents 24.6% of the total issued and outstanding Common Shares as of January 31, 2016.
The Offeror will acquire the Common Shares for investment purposes and may, depending on market and other conditions, acquire additional securities of Urbanfund, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its current position.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Urbanfund is a reporting issuer containing additional information with respect to the foregoing matters (the "Early Warning Report"). A copy of the Early Warning Report will appear under the SEDAR profile of Urbanfund at www.sedar.com when filed.
A copy of the Early Warning Report may also be obtained by contacting Louis Reznick at 416-630-6700 extension 237.