Urbanimmersive Secures a $0.7M Financing

SAINT-HUBERT, Quebec, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. ("Urbanimmersive," the "Company" or "UI") (TSV-V UI) (OTCQB: UBMRF) is pleased to announce having secured a non-brokered private placement of 10,510,500 units at a price of $0.07 per unit for gross proceeds of $735,735. Each unit consists of one common share of the Company and one share purchase warrant entitling the holder to purchase an additional common share of the Company at a price of $0.125 per share until October 5, 2026 (3 years). The proceeds are anticipated to be used for sales and marketing related activities and general purposes. The closing of this arm's-length private placement is subject to the approval of the TSX Venture Exchange and other customary conditions.

"We are delighted to have completed this financing in challenging real estate and stock market conditions, demonstrating the confidence of our shareholders in our strategic growth plan and the potential of Urbanimmersive. This financing also gives us more flexibility to execute our organic growth plan", declared Simon Bédard, Chief Financial Officer of Urbanimmersive.

A referral fee was paid as compensation of $39,319 along with 537,200 warrants to purchase up to 537,200 common shares of the Company at a price of $0.125 per share at any time until October 5, 2026. All securities issued in the private placement are subject to a four-month-and-a-day hold period until February 6, 2024.

TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release.

About Urbanimmersive

Urbanimmersive develops and commercializes real estate photography technologies and services focused on redefining industry visual content standards. The Company all-in-one platform enables high-volume photography businesses to increase operational productivity delivering feature-rich 3D tours and floor plans, leading-edge property websites and high-resolution AI-indexed images. The Company operating segments include software (SaaS), 3D photography equipment and, in a growing number of North American cities, technology-powered real estate photography service business units leading the industry photo-shoots standards transformation. Learn more at urbanimmersive.com.

Caution of Forward-Looking Statements

Certain statements in this news release, other than statements of historical fact, are forward-looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature. These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management estimates or opinions change.

For more information, please contact:

Urbanimmersive Inc.
Ghislain Lemire
President & CEO
514-394-7820 X 202
[email protected]

Simon Bédard, CA, CPA, CFA, MBA
Chief Financial Officer
514 394-7820 X 224
[email protected]