TORONTO, May 07, 2024 (GLOBE NEWSWIRE) -- Urbanfund Corp. (TSXV:UFC) ("Urbanfund" or the "Company"), announces that it entered into loan agreement dated May 7, 2024 (the "Loan Agreement") pursuant to which the Company has agreed to loan Westdale Construction Co. Limited ("Westdale") the principal amount of ‎‎$6,000,000‎‎ (the "Loan"). The Loan is repayable within three months and will bear interest at ‎‎8.2% per annum. ‎ Westdale is a control person of the Company. The Company's Chairman, Ronald Kimel, is a shareholder, director and officer of Westdale and Mitchell Cohen, the Company's Chief Executive ‎Officer, is an officer‎ of Westdale. Accordingly, the Loan constitutes a "related party transaction" pursuant to Multilateral Instrument 61-101 - ‎Protection of ‎Minority Security Holders in Special Transactions ("MI 61-101"). The Loan is exempt from the formal valuation and minority shareholder approval requirements of 61-101. The Company is exempt from the formal valuation requirement contain in section 5.5(b) of MI 61-101 as the Company does not have securities listed on a specified stock exchange. The Loan is further exempt from the minority shareholder approval requirement pursuant to section 5.7(1)(a) of MI 61-101 as the fair ...