Urban Barns Foods Announces Capital Raise From Private Placement
VANCOUVER, British Columbia, Oct. 16, 2012 /PRNewswire/ -- Urban Barns Foods Inc. (URBF.QB) ("Company" or " Urban Barns "), is an emerging company specializing in "CUBIC FARMING" a revolutionary type of farming that dramatically increases yields of vegetables with radically diminished water consumption when compared to conventional farming. All produce is locally grown in any geographical location and climate. Urban Barns announced today that it has completed a private placement with investors to sell 25,000,000 common Class A Shares for total proceeds of $250,000.00.
Dan Meikleham, Chairman of Urban Barns, stated that, "Since listing the Company almost three years ago all previous capital raises were primarily used for Research and Development and audit reporting." Meikleham continued, "With the results of a Top 4 Independent public accounting firm's review of our process, the board has decided to move into full commercial production starting with Boston Butter lettuce, Basel, Spring Mix and Spinach. Plans are well underway to build the first Urban Barn of its kind in the world using the revolutionary CUBIC FARMING method."
Mr. Richard Groome, Director, added, "In addition to the new capital raised, due to our positive progress, our original seed capital investors have converted their $85,000 debt to 18,826,135 common Class A Shares. After the capital raise and the conversion, the total issued and outstanding shares are now 132,769,782 common Class A Shares."
The securities issued and sold in the private placement will not be registered under the Securities Act of 1933 as amended (the "Act"), and may not be offered or sold in the United States absent registration, or an applicable exemption from registration, under the Act.About Urban Barns Foods Inc.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV