Montreal, Quebec--(Newsfile Corp. - August 21, 2014) - Urban Barns Foods
Inc. (OTCQB: URBF) ("Urban Barns") is pleased to announce that it has closed a
financing in the amount of $325,000 through the issuance of 6,500,000 units at a
price of $0.05 per unit. Each unit consists of one share of the Company's Class
A common stock and one warrant exercisable into one share of the Company's Class
A common stock at a price of $0.075 per share for a term of three years. Dundee
Agricultural Corporation, a significant shareholder, subscribed for 4,000,000
units and Jeremy Kendall, a director, subscribed for 1,000,000 units,
respectively.
The proceeds of the financing will provide Urban Barns with
working capital to operate the world's first commercial Cubic Farming™
operation, located in Mirabel, Québec.
Shareholder Update
Urban Barns is pleased to announce that it has completed the
phase 1 development of its new facility in Mirabel, Québec encompassing 10
growing machines plus three research and development machines to be used by
McGill University on site. The company is now growing varieties of lettuce,
micro greens, and fine herbs, and is supplying many local restaurants with
produce picked and delivered on the very same day.
Operations
On the operational side, all machines are in full production
with weekly harvests of lettuce, basil and microgreens. Planning is underway for
Phase 2 development with a new much larger Cubic Farming growing machine
prototype that is scheduled to arrive in early September. The new prototype
machine will be tested on site and once testing is complete, the company will
build six of the large Cubic Farming machines for the planned opening of Phase 2
in early 2015. Preparations in the Food Safety program are underway for the
Canada GAP audit before the end of 2014.
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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. The
company's commitment to consumers is reflected through its motto, "Purely Fresh,
Naturally Tasty, and Completely Healthy".
Forward-Looking Statements
Except for historical information contained herein, the matters
set forth above may include forward-looking statements that involve certain
risks and uncertainties. Words such as "may", "could", "anticipate", "believe",
"estimate", "expect", "intend", "plan", and similar expressions are used to
identify forward-looking statements. These 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. Urban
Barns does not undertake any obligation to update any forward-looking statements
and cautions investors to consider all other risks and uncertainties, including
those disclosed in Urban Barns' filings with the United States Securities and
Exchange Commission.
For further information, contact:
Urban Barns Foods Inc.
Richard Groome, President and CEO
rgroome@urbanbarns.com
Tel: 514 907 4989 x 774
www.urbanbarnsfoods.com
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