Urban Barns Foods Inc. announced the closing of a private placement of 67,567,568 common shares of the company at $0.0148 per share for a total private placement of $1,000,000 in cash. Under the terms of the financing, the sole subscriber, Dundee Agricultural Corporation, will have the right to nominate two directors. The company announced two new board members, namely, Mr. Horst Hueniken, Vice President and Portfolio Manager at Goodman & Company, Investment Counsel Inc., and Mr. Kevin Reed, President and CEO of Blue Goose Capital Corp.

Mr. Tito Montilla, Director, has also announced his resignation from the Board of Directors. Mr. Kevin D. Reed has served as the Chief Executive Officer and as a director or chairman of a number of Canadian corporations and currently serves as a Director of Fraser Institute. Mr. Horst E. Hueniken has served as a Managing Director and Research analyst, and a Portfolio Manager, at a number of corporations covering the agriculture and aquaculture products and services sector.