CALGARY, Alberta, Oct. 30, 2013 (GLOBE NEWSWIRE) -- URBAN BARNS FOODS INC. (URBF.QB) ("the Company" or "URBAN BARNS"), today announced the closing of a private placement of 67,567,568 common shares of the corporation at $0.0148 per share for a total private placement of $1,000,000 in cash. Under the terms of the financing, the sole subscriber, Dundee Agricultural Corporation ("Dundee"), will have the right to nominate two directors. Dundee will also have a right of to maintain their pro rate share position on future financings.
URBF Chairman Dan Meikleham is pleased to announce two new board members, namely, Mr. Horst Hueniken, Vice President and Portfolio Manager at Goodman & Company, Investment Counsel Inc., and Mr. Kevin Reed, President and CEO of Blue Goose Capital Corp. Meikleham also announced that Mr. Jack Benne, Co -- Founder and CEO has resigned his position as Officer and Director; however, will remain Honorary head of the company's Research and Development team. Mr. Tito Montilla, Director, has also announced his resignation from the Board of Directors. On behalf of all shareholders, Mr. Meikleham expressed his sincere thanks for dedication of Mr. Benne and Mr. Montilla during the Company's formative years.
Mr. Kevin D. Reed has served as the Chief Executive Officer and as a director or chairman of a number of Canadian corporations and currently serves as a Director of Fraser Institute. Mr. Reed holds C.I.M. (Canadian Investment Manager) certification from Canadian Securities Institute and holds a Bachelor of Arts in Social Sciences from the University of Ottawa. In 1991, he completed the Canadian Securities Course from Canadian Securities Institute.
Mr. Horst E. Hueniken has served as a Managing Director and Research analyst, and a Portfolio Manager, at a number of corporations covering the agriculture and aquaculture products and services sector. Mr. Hueniken holds a Chartered Financial Analyst designation, and has been top-three ranked by for stock picking by Starmine, Greenwich Associates, and Brendan Wood International. He holds an M.B.A. from the Ivey School of Business, and a Bachelor of Applied Science degree in Mechanical Engineering from the University of Waterloo.
In July, Urban Barns Foods engaged the services of Optimize Capital Markets to arrange its financing through its Institutional Crowdfunding Portal. Matthew McGrath, CEO of Optimize Capital Markets said, "We are very pleased to have helped two such quality organizations connect and consummate this transaction through our Institutional Crowdfunding Portal."
That really looks mocked up. For one thing, the image doesn't appear to float in free space above the good as MVIS solution would appear, but looks to be on the plane of the wind shield without being on its curvature.