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  • Urbanimmersive (UI) has closed a C$3 million financing with institutional participation
  • The company closed a non-brokered private placement of 15 million units at $0.20 per unit
  • Institutional participants include DKAM Capital Ideas Fund, Rivemont Microcap Fund and Charles Drouin from Prospects.com
  • The company intends to use the proceeds for sales and marketing-related activities as well as general corporate purposes
  • Urbanimmersive is a SaaS company that provides content solutions for the real estate market
  • Urbanimmersive (UI) closed the day down 4.55 per cent trading at $0.21 per share

Urbanimmersive (UI) has closed a C$3 million financing with institutional participation.

The company closed a non-brokered private placement of 15 million units at $0.20 per unit to reach the $3 million total.

Each unit consists of one Urbanimmersive common share and one common share purchase warrant.

Each warrant entitles the holder to purchase one common share for $0.24 until April 6, 2023.

Institutional participants include DKAM Capital Ideas Fund, Rivemont Microcap Fund and Charles Drouin from Prospects.com.

The company intends to use the proceeds for sales and marketing-related activities as well as general corporate purposes.

Simon Bedard, CFO of Urbanimmersive, stated,

“We are excited to have completed this financing from select and strategic investors demonstrating the strong support of our actual business and its great potential that we are beginning to truly unlock.

With the significant and increasing demand for our immersive 3D tours and interactive meetings, those funds would allow us to capitalize on our first-mover advantage by speeding up the commercialization and the adoption of those innovative products.

As a cash flow positive business for more than two years now – our $4.5 million debentures converted into equity and our current liquidities are approximately $4 million – it provides us a lot more flexibility going forward to scale up the business and invest, when needed, in some strategic opportunities.”

Urbanimmersive is a SaaS company that provides solutions to visual content providers in the real estate residential, commercial, construction, and local business markets. These include a website-builder tool, AI-backed image indexing, robust file transfer systems and interactive visual technology solutions.

Urbanimmersive (UI) closed the day down 4.55 per cent trading at $0.21 per share.

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