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TORONTO, April 08, 2021 (GLOBE NEWSWIRE) -- Mitchell Cohen, Chief Executive Officer and President of Urbanfund Corp. (TSX-V: UFC) (“Urbanfund” or the “Company”), announces that the Company’s board of directors has approved an increase to the number of common shares available for issuance pursuant to its dividend reinvestment plans for holders of its common shares and Series A, first preferred shares (collectively, the “DRIP”). “We are pleased to announce this amendment and to continue to provide our shareholders an opportunity to participate in the DRIP”, says Cohen.
On June 17, 2015, at the time of the adoption of the DRIP, the maximum number of common shares that were reserved for issuance under the DRIP was 2,000,000 common shares. On June 13, 2018, the DRIP was amended to reserve an additional 2,153,239 common shares under the DRIP. On June 15, 2020, the DRIP was amended to reserve an additional 2,414,283 common shares under the DRIP. Since the adoption of the DRIP in 2015, 6,304,512 common shares have been issued and, as of the date of this press release, 263,010 common shares remain available for issuance.
The amendment to the DRIP increases the maximum number of aggregate common shares reserved for issuance pursuant to the DRIP (including unissued common shares under the current DRIP) to 2,493,859 common shares. This amendment remains subject to TSX Venture Exchange approval.
The Company has dividend reinvestment plans for holders of its common shares and Series A, first preferred shares. The DRIP provides eligible shareholders with the opportunity to reinvest their cash dividends, on each dividend payment date, in additional common shares of the Company at a 5% discount to the volume-weighted average trading price of the common shares for the ten-day period preceding the dividend payment date. The maximum number of common shares reserved for issuance pursuant to the DRIP may not exceed 5% of the Company’s issued and outstanding common shares. Shareholders are encouraged to review the text of the DRIP, which are available at www.sedar.com, and consult with their investment advisors should they desire to participate.
The declaration and payment of dividends is at the discretion of the board of directors of the Company and any future declaration of dividends will depend on the Company's financial results, cash requirements, future prospects and other factors deemed relevant by the board of directors of the Company.
Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange (“TSX-V”) under the symbol UFC. The Company is a reporting issuer in Alberta, British Columbia and Ontario.
The Company’s focus is to identify, evaluate and invest in real estate or real estate related projects. The Company’s assets are located in Toronto, Belleville, Kitchener, London, and Brampton, Ontario and in Montreal and Quebec City, Quebec and Dartmouth, Nova Scotia.
This press release contains certain forward-looking statements, including statements about the Company's dividend policy, dividend payment and DRIP, which constitute forward-looking statements. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements.
Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including: general economic and market segment conditions, interest rates, costs outside of the Company's control such as real estate taxes and utilities, the ability of tenants to satisfy their contractual rent obligations and any unforeseen repair, maintenance or replacement of the Company's assets.
More detailed assessment of the risks that could cause actual results to materially differ from current expectations is contained in the “Risks and Uncertainties” section of the Company's most recent Management's Discussion and Analysis dated November 20, 2020.
For further information, please contact:
Chief Executive Officer and President
416-703-1877 ext. 2025
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.