Urbanfund Corp (TSE:UFC) has released an update.
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Urbanfund Corp. has provided a $6 million loan to its controlling shareholder, Westdale Construction Co. Limited, with a high-interest rate of 8.2% and a swift 30-day repayment period. This transaction is notable as it falls under a ‘related party transaction’ due to shared leadership between Urbanfund and Westdale, yet it remains exempt from certain minority shareholder approvals. Urbanfund is a real estate development firm with assets across Ontario and Quebec, known for its strategic real estate investments.
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