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16.10.2012 14:35
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PR Newswire
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Urban Barns Foods Announces Capital Raise From Private Placement
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PR Newswire
VANCOUVER, British Columbia, Oct. 16, 2012
VANCOUVER, British Columbia, Oct. 16, 2012 /PRNewswire/ -- Urban Barns Foods Inc. (URBF.QB) ("Company" or " Urban Barns "), 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. Urban Barns announced today that it has completed a private placement with investors to sell 25,000,000 common Class A Shares for total proceeds of $250,000.00.
Dan Meikleham, Chairman of Urban Barns, 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, Basel, Spring Mix and Spinach. Plans are well underway to build the first Urban Barn of its kind in the world using the revolutionary CUBIC FARMING method."
Mr. Richard Groome, Director, added, "In addition to the new capital raised, due to our positive progress, our original seed capital investors have converted their $85,000 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.
Urban Barns uses patent pending proprietary equipment to produce affordable vegetables in a secure and controlled indoor environment. By setting up subsidiary facilities and growing locally, Urban Barns can focus on supplying any community, irrespective of the regional climate, effectively reducing shipping times and related spoilage costs. Urban Barns has the unique ability to scale and cater to the demands of all major communities. Our commitment to our consumers is reflected through our motto, "Purely Fresh, Naturally Tasty, and Completely Healthy." www.urbanbarns.com and www.urbanbarnsfoods.com are registered trademarks and Cubic Farming and Cubic Agriculture are copyright of Urban Barns Foods Inc. All other company and product names mentioned are used only for identification purposes and may be trademarks or registered trademarks of their respective companies.
Forward-Looking Statements:
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Urban Barns or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Urban Barns ' products, the competitive environment within the industry, the ability of Urban Barns to continue to expand its operations, the level of costs incurred in connection with Urban Barns ' expansion efforts, economic conditions in the industry and the financial strength of Urban Barns ' customers and suppliers. Urban Barns does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.
Contacts: Urban Barns Foods Inc.
Media Contact: ir@urbanbarnsfoods.com
SOURCE Urban Barns Foods Inc.
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