MONTREAL, Sept. 18, 2014 (GLOBE NEWSWIRE) -- Urban Barns Foods Inc. (OTCQB:URBF) ("Urban Barns") is pleased to announce that it has closed a financing in the amount of $175,500 through the issuance of 3,510,000 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. 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. (All dollar figures are denominated in U.S. currency.)
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About Urban Barns Foods Inc.
Urban Barns uses patent pending and 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.