Urban Barns Foods Inc. (OTCPK:URBF) announced a private placement of 21,367,521 common shares at $0.0234 per share for gross proceeds of $500,000 on April 10, 2014. As part of the transaction, existing investor, Dundee Agricultural Corp and Jeremy Kendall, a Director subscribed for shares in the company. The investor holds 43% stake in the company.

On the same date, the company announced that it has received $400,000 in its first tranche closing from Dundee Agricultural Corp. The investor subscribed for 17,194,017 shares as part of the first tranche. The transaction is further expected to close on or before April 22, 2014.

On April 28, 2014, Urban Barns Foods Inc. closed the transaction.