VANCOUVER, British Columbia, Aug. 11, 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 $150,000 to a total of $5,600,000. The interest rate of the loan remains at 11%/annum. This portion of the loan is a cash flow bridge loan and is due to be repaid not later than August 31, 2017, in order to avoid penalties. There are no loan bonus warrants in connection with the loan increase and all other terms of the existing facility and security remain unchanged.
The Company also announces the granting of 74,967 incentive stock options to a director of the Company in accordance with the Company’s incentive stock option plan and policies established by the board of directors designed to attract, retain and motivate industry, business, finance, sales and technical professionals at all levels. The options are exercisable at $0.07 until June 30, 2020.
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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CONTACT: CONTACT INFO: John Farlinger, Chief Executive Officer Phone: (604) 763-7565 email@example.com