February 22, 2017 / 11:45 AM / 6 months ago

BRIEF-Urban Communications announces loan extension and variation agreement

Feb 22 (Reuters) - Urban Communications Inc

* Urban Communications Inc. announces loan extension and variation agreement

* Urban Communications Inc- Agreed to extend term of its $4.4 million existing loan facility with mhi finance corp. To october 2, 2018

* Urban Communications Inc - Loan principal increased to $5,000,000 with $350,000 of principal repayable in periodic payments prior to new maturity date

* Urban Communications - Negotiated option to repurchase all of 26.4 million loan bonus warrants issued in connection with initial loan, 2 loan increases

* Interest rate of loan remains at 11 percent/annum, payable quarterly

* Urban Communications Inc - Upon exercise of repurchase option this would represent a 15 percent reduction in company's fully diluted share position Source text for Eikon: Further company coverage:

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