Urbanimmersive Announces $2 Million Acquisition Line of Credit

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	Urbanimmersive Media Release --- Screen Grab: Tourbuzz is powered by Urbanimmersive Urbanimmersive Announces a Share Consolidation and a $2 Million Acquisition Line of Credit SAINT-HUBERT, Quebec, Sept. 23, 2021 (GLOBE NEWSWIRE) -- Urbanimmersive Inc. (“Urbanimmersive”, the “Company” or “UI”) (TSX VENTURE: UI) (OTCQB: UBMRF) is pleased to announce its intention to consolidate all of its issued and outstanding common shares on the basis of one new common share for every 5 existing common shares. The Consolidation was previously approved by the Company's shareholders at the annual and special meeting held on March 30, 2021. The intended Consolidation would result in the number of issued and outstanding common shares being reduced from 152,378,455 existing shares to approximately 30,475,691 new shares. The exercise or conversion price of warrants and options, and the number of common shares issuable under, will also be proportionately adjusted upon the completion of the Consolidation. No fractional shares will be issued as a result of the Consolidation. All fractions of new shares will be rounded down to the next lowest whole number. No cash consideration will be paid in respect of fractional shares. This Consolidation should provide a larger access to Canadian and US trading platforms as well a larger access to investors, brokers, and financial media outlets which should increase Company’s visibility and awareness. The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The Company will be obtaining a new set of CUSIP and ISIN numbers for the Consolidation. The effective date for the Consolidation and the new CUSIP and ISIN numbers will be September 28, 2021. The Company anticipates that its current name and trading symbol will remain unchanged. TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the contents of this press release. Acquisition line of credit In order to provide additional financial flexibility to execute its growth plan, the Company has secured with its senior lender a $2 Million acquisition line of credit to be used at any time for further acquisitions, when and if needed, based on market conditions. The acquisition line of credit can be used to finance up to 50% of any acquisition with a maximum of 3.0x the target EBITDA. Any acquisition line of credit drawing will be converted immediately into a term loan amortized over 5 years and bearing interest at the financial institution base variable rate + 4.50%. Additional disclosure With regards to the March 9, 2021 press release on the conversion of convertible debentures, the Company has issued a total of 298,211 common shares at a price of $0.22 per common share in settlement of a debt totaling $65,606 in favour of convertible debenture holders. 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. -- Source: Urbanimmersive via Global Newswire
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Urbanimmersive Announces $2 Million Acquisition Line of Credit15652