Urban Select Capital Corporation, an investment issuer focused on investing growth capital into private and public companies in a broad range of sectors, closed its previously announced private placement, pursuant to which Oriental Sense Development Limited, a private British Virgin Islands corporation, acquired 12,500,000 common shares of the company at a price of US$0.08 per share for proceeds of US$1,000,000.
This is an arm’s length agreement, and the BVI company did not previously own securities of Urban Select Capital. Upon completion of the investment, 30.56% of the issued and outstanding shares of Urban Select will be owned by Oriental Sense, and as a result the investing company becomes a ‘control person’.
Company's shareholders at the Company's annual and special general meeting held on January 9, 2014 approved the investment and proposed consolidation of company’s outstanding shares.
