Urbanfund Corp (TSE:UFC) has released an update.
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Urbanfund Corp., a Toronto-based real estate development company, has announced a $6 million loan to Westdale Construction Co. Limited, a related party, with a three-month repayment term and an 8.2% annual interest rate. As Westdale is a control person of Urbanfund, and the company’s top executives hold positions in Westdale, the loan is classified as a ‘related party transaction’ but is exempt from certain requirements due to its proportion to the company’s market capitalization.
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