UrbanGold Announces Issuance of “Bonus Shares” to Jens Hansen
28 12월 2018 - 10:46AM
UrbanGold Minerals Inc. (“
UrbanGold” or the
“
Company” / TSXV: UGM) announces that it has
issued 300,000 common shares (the “
Common Shares”)
to Jens Eskelund-Hansen, the Chairman of the Board of UrbanGold.
Mr. Hansen is party to an amended and restated
loan agreement (the “Loan Agreement”) dated
November 29, 2018 with UrbanGold. The Loan Agreement amended and
restated an earlier loan agreement whereby Mr. Hansen had advanced
$150,000 to UrbanGold with the intention that he be repaid on
closing of the Company’s initial public offering (the
“Offering”), which is currently scheduled for
Friday, December 28, 2018.
Pursuant to the amendments in the Loan
Agreement, Mr. Hansen agreed that the loan will not become due and
payable until one year and one day after closing of the Offering
(the “Maturity Date”). Mr. Hansen is not
able to demand repayment of the loan before the Maturity Date,
although UrbanGold is permitted to repay the loan in whole or in
part without notice or bonus.
Under the Loan Agreement, UrbanGold agreed to
issue Common Shares to Mr. Hansen as “bonus shares” under TSX
Venture Exchange (the “TSXV”) Policy 5.1 Loans,
Loan Bonuses, Finder’s Fees and Commissions (“Policy
5.1”). The Loan Agreement provided that Mr. Hansen
was to receive the maximum number of Common Shares permitted under
Policy 5.1, and UrbanGold and Mr. Hansen calculated that number as
300,000 Common Shares. The TSXV has now approved this
issuance, and UrbanGold has issued these Common Shares to Mr.
Hansen.
Mr. Hansen is party to an escrow agreement (the
“Escrow Agreement”) dated December 13, 2018 with
Computershare Investor Services Inc. (the “Escrow
Agent”), UrbanGold (and another securityholder), as
required under National Policy 46-201 Escrow for Initial Public
Offerings. He has deposited the additional 300,000 Common
Shares with the Escrow Agent to be held by the Escrow Agent under
the Escrow Agreement. Mr. Hansen has now deposited a total of
1,400,000 Common Shares of UrbanGold with the Escrow Agent under
that agreement.
The 300,000 Common Shares issued to Mr. Hansen
were issued pursuant to an exempt from the prospectus requirements
under applicable securities legislation. Independent of
restrictions in the Escrow Agreement, Mr. Hansen is not permitted
to trade these shares until four months have elapsed from the date
that UrbanGold became a reporting issuer under applicable
securities legislation, which was December 14, 2018.
UrbanGold recently filed a final prospectus
dated December 13, 2018 (the “Final Prospectus”)
which is available for review under the Company’s profile on SEDAR
at www.SEDAR.com. Further details in relation to the Loan
Agreement and the proposed issuance of these Common Shares to Mr.
Hansen is contained in the Final Prospectus.
About UrbanGold
UrbanGold is incorporated under the federal laws
of Canada and has its principal office in Ottawa, Ontario, Canada.
The Company is engaged in the evaluation, acquisition and
exploration of mineral properties in Canada, and its current focus
is Quebec. The Company plans to ultimately develop the properties,
bring them into production, option or lease the properties to third
parties, or sell the properties outright. The Company has not
determined whether these properties contain mineral reserves that
are economically recoverable, and the Company is considered to be
in the exploration stage.
For Further Information
Trevor Richardson, Chief Executive
Officertrichardson@urbangoldminerals.com
Laurie Meloche, Vice-President, Corporate
Developmentlaurie@lammcom-inc.com
Phone (613)
721-2919www.urbangoldminerals.com
Neither the TSX Venture Exchange, nor its
Regulation Service Provider (as that term is defined in the
policies of the TSXV), accepts responsibility for the adequacy or
accuracy of this release.
Urbangold Minerals (TSXV:UGM)
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Urbangold Minerals (TSXV:UGM)
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