VANCOUVER, British Columbia, June 05, 2017 (GLOBE NEWSWIRE) — Urban Communications Inc. (TSX-V:UBN) announces that it has agreed to increase the principal amount of its existing loan facility with MHI Finance Corp. by $450,000 to a total of $5,450,000. The Company retains its option to repurchase all of the 26,400,000 loan bonus warrants issued in connection with the initial loan and two subsequent loan increases for $350,000, and in default of exercise of that option the lender has the option to require the Company to repurchase all of the loan bonus warrants at the same price, with the total repurchase price deferred until repayment of the principal. The interest rate of the loan remains at 11%/annum, payable quarterly.
ABOUT URBAN COMMUNICATIONS INC.
Urban Communications Inc. (TSX-V:UBN), one of the country’s first telecommunications companies to deliver Gigabit Internet service to the home, provides a full suite of Internet, voice, video and broadband application products over its 300 km. state-of-the-art carrier grade fibre optic network in Metro Vancouver and Victoria to commercial, residential and public sector customers.
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