Urbana Corporation Completes $50,000,210 Unit Offering and Graduates to TSX

Toronto, Ontario – January 11, 2007 – Urbana Corporation (“Urbana”) (TSX: URB) is pleased to announce that it has completed its previously announced short form prospectus offering (the “Offering”) of $50,000,210.00 of units (“Units”) through Blackmont Capital Inc., as lead agent for a syndicate which included Canaccord Capital Corporation, Raymond James Ltd. and Wellington West Capital Markets Inc. (the “Agents”) and its graduation from listing its securities on the Toronto Stock Exchange from the TSX Venture Exchange.

 

Each Unit sold pursuant to the Offering consists of one non-voting Class A share (“Non-Voting Class A Share”) in the capital of Urbana and one-half of one Non-Voting Class A Share purchase warrant (“Warrant”). Each whole Warrant entitles the holder to purchase one Non-Voting Class A Share at an exercise price of $3.75 until January 11, 2009. The Units separated into Non-Voting Class A Shares and Warrants immediately upon the closing of the Offering today (the “Closing”).

 

The net proceeds of the Offering will be used to purchase additional participations in various stock exchanges as the opportunity arises and for general corporate purposes. A copy of the prospectus may be obtained on SEDAR at “www.sedar.com.

 

Caldwell Investment Management Ltd., which acts as investment manager for Urbana, is wholly owned by Caldwell Financial Ltd. (“Caldwell Financial”).Caldwell Financial owns 40% of Urbana’s common shares and is controlled by Thomas S. Caldwell, the President of Urbana. Thomas S. Caldwell beneficially owns directly or indirectly 965,927 common shares of Urbana and exercises control or direction over the 4,000,000 common shares of Urbana owned by Caldwell Financial through his interest in Caldwell Financial. In total, Thomas S. Caldwell owns and exercises control or direction over approximately 49.66% of Urbana’s common shares.

 

Please contact Thomas S. Caldwell at 416-595-9106 for further information.