Urbanfund Corp. Amends its Dividend Reinvestment Plans

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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.