MONTREAL, April 28, 2014 (GLOBE NEWSWIRE) -- URBAN BARNS FOODS INC. (OTCQB:URBF) ("the Company" or "Urban Barns") has now been fully funded and has closed its previously announced private placement financing of 21,367,521 common shares ("Common Shares") of the Company priced at 2.34 cents per Common Share for gross proceeds of $500,000 US. Dundee Agricultural Corporation, a significant shareholder of the Company, and Jeremy Kendall, a Director of the Company subscribed for the Common Shares of this offering.
The proceeds of the financing will provide Urban Barns the necessary working capital to prepare and launch the world's first commercial Cubic Farming™ operation, located in Mirabel, Québec.
Urban Barns is pleased to announce that its new facility in Mirabel, Québec is approaching completion for phase 1: encompassing 10 growing machines, plus three Research and Development machines to be used by McGill University on site. The Company expects to start growing certain varieties of lettuce, micro greens, and fine herbs within 30 days, having already seeded several types of lettuce and basil in its on-site propagation room.
On the operational side, Mr. Robyn Jackson, a Director, has assumed the role of Head of Logistics and Cubic Farming™ machines. The company has also recently hired Ms. Jo-Ann Ostermann to the new position of Head of Compliance, Government Relations and General Manager of the Mirabel facility. Both Mr. Jackson and Ms. Ostermann have relocated from Calgary to Montréal to manage and supervise the launch of the new Mirabel facility.
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About Urban Barns Foods Inc.
Urban Barns uses patent pending proprietary equipment to produce affordable vegetables in a secure and controlled indoor environment. By setting up subsidiary facilities and growing locally, Urban Barns can focus on supplying any community, irrespective of the regional climate, effectively reducing shipping times and related spoilage costs. Urban Barns has the unique ability to scale and cater to the demands of all major communities. Our commitment to our consumers is reflected through our motto, "Purely Fresh, Naturally Tasty, and Completely Healthy". The websites www.urbanbarns.com and www.urbanbarnsfoods.com are registered trademarks and Cubic Farming™ and Cubic Agriculture™ are copyright of Urban Barns. All other company and product names mentioned are used only for identification purposes and may be trademarks or registered trademarks of their respective companies.
Except for historical information contained herein, the matters set forth above may be forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ from those in the forward-looking statements. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to Urban Barns or its management, identify forward-looking statements. Such forward-looking statements are based on the current beliefs of management, as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors such as the level of business and consumer spending, the amount of sales of Urban Barns' products, the competitive environment within the industry, the ability of Urban Barns to continue expanding its operations, the level of costs incurred in connection with Urban Barns' expansion efforts, economic conditions in the industry and the financial strength of Urban Barns' customers and suppliers. Urban Barns does not undertake any obligation to update such forward-looking statements. Investors are also directed to consider all other risks and uncertainties.