Urban intends to use the proceeds of the financing to discharge certain existing indebtedness, and to allocate the majority of the balance to creation of recurring revenue by financing building entry from Urban's fibre optic trunk network, installation of inside wiring, electronic equipment and marketing, to facilitate Urban providing Internet, telephone and video services ("triple play") to multi-dwelling residential buildings, for the establishment of a co-location and data centre facility, and for working capital and general corporate purposes to meet the cash flow requirements related to the Company's operations.
A finder's fee of 7.0% of the proceeds received by the Company from investors introduced by the finder, and non-transferrable finders warrants equal to 7% of the proceeds received by the Company payable in units on the same terms as the offering, will be paid to eligible agents in connection with the financing.
Keywords for this news article include: Telecommunications.
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