VANCOUVER, British Columbia
Oct. 16, 2012
/PRNewswire/ -- Urban Barns Foods Inc. (URBF.QB) ("Company" or "
"), 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.
announced today that it has completed a private placement with investors to sell 25,000,000 common Class A Shares for total proceeds of
, Chairman of
, 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,
and Spinach. Plans are well underway to build the first
of its kind in the world using the revolutionary CUBIC FARMING method."
, Director, added, "In addition to the new capital raised, due to our positive progress, our original seed capital investors have converted their
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.