Urban Select Announces Completion of Plan of Arrangement
February 29, 2012 – Vancouver, British Columbia – Urban Select Capital Corporation (the “Company”) is pleased to announce that it has completed its previously announced plan of arrangement (the “Arrangement”) with Granja Gold Inc. (“Granja”) and Urban Select Exploration Inc. (“Urban Exploration”). Shareholder and final court approval for the Arrangement were obtained on December 19, 2011 and December 21, 2011, respectively and the effective date of the plan of arrangement was February 29, 2012. Refer to the Company’s Information Circular dated November 18, 2011, for additional information concerning the Arrangement.
The purpose of the Arrangement was to restructure the Company by creating two companies, Granja and Urban Exploration, which the Company believes will be beneficial to the shareholders of the Company, as it is expected that each of Granja and Urban Exploration will enter into definitive agreements to acquire a business following completion of the Arrangement. Management also believes that by creating these two new companies and providing the Company’s shareholders with interests in both of these companies, shareholder value will be enhanced.
Pursuant to the Arrangement, a total of 1,420,150 common shares in the capital of Granja and a total of 1,420,150 common shares in the capital of Urban Exploration have been issued, on a pro-rata basis, to the Company’s shareholders.
ABOUT URBAN SELECT
Urban Select Capital Corporation is global investment management, financial advisory and private equity firm focused on investing growth capital into private and public companies in a broad range of sectors including renewable energy, natural resources, chemicals, agriculture and consumer retail services. Urban Select’s management team is composed of investment professionals combining an Asian background with Western education and extensive experience in investment banking, venture capital and fund management in Canada, China and the U.S.
For further information, please contact:
Chief Financial Officer and Managing Director
Urban Select Capital Corporation
Telephone: (604) 689-0618
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business of the Company, Granja and Urban Exploration. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.