Urbana Corporation Files Amended and Restated Preliminary Prospectus

NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Urbana Corporation ("Urbana") (TSX:URB)(TSX:URB.A) has filed an amended and
restated preliminary short form prospectus with Canadian securities
administrators, providing for the offering of units (the "Units") and amending
and restating the preliminary prospectus filed on October 21, 2009. The
prospectus was amended to add the full syndicate of agents, consisting of
co-lead agents Blackmont Capital Inc. and National Bank Financial Inc. and
including BMO Nesbitt Burns Inc., CIBC World Markets Inc., HSBC Securities
(Canada) Inc., Raymond James Ltd., Scotia Capital Inc., TD Securities Inc.,
Cormark Securities Inc., Canaccord Capital Inc. and GMP Securities L.P. and to
insert the price of the Units, which are being offered at $1.90 per Unit. Each
Unit will be comprised of one non-voting Class A Share ("Non-Voting Class A
Share") in the capital of Urbana and one-half of one Series B Non-Voting Class A
Share purchase warrant ("Warrant"), which will entitle the holder of a whole
Warrant to buy at any time up to two years after closing of the Offering, one
Non-Voting Class A Share at an exercise price of $2.50. A copy of the amended
and restated preliminary prospectus is available at www.sedar.com under Company
Profiles - Urbana Corporation.


The securities described herein have not been and will not be registered under
the United States Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable exemption from
registration requirements.


Urbana is an investment fund corporation that is listed on the Toronto Stock
Exchange. Urbana's current investment focus is acquiring interests in private
and public exchange properties around the world for long-term gains. Currently,
Urbana's portfolio includes shares or seats of NYSE Euronext, TMX Group, Chicago
Board Options Exchange and The Bombay Stock Exchange, among others.


Caldwell Investment Management Ltd. ("CIM") is the investment manager of Urbana.
Thomas S. Caldwell, the Chairman of CIM is also the Chairman and President of
Urbana.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the Units in any jurisdiction in
which such offer, solicitation or sale would be unlawful.


Forward Looking Statements

Certain statements included in this news release constitute forward-looking
statements that involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of Urbana or
industry results to be materially different from any future results, performance
or achievement expressed or implied by such forward-looking statements. When
used in this news release, words such as "may", "could", "anticipate",
"believe", "plan", "estimate", "expect", "intend" and similar expressions to the
extent they relate to Urbana or CIM are intended to identify forward-looking
statements. These statements reflect Urbana's and CIM's current views regarding
future results or events, are based on information currently available to Urbana
and CIM and speak only as of the date hereof. Forward-looking statements are
based on assumptions and are subject to a number of risks and uncertainties that
could cause the actual results, performance or achievements of Urbana to be
materially different from any future results, performance or achievements that
may be expressed or implied by such forward-looking statements. These
assumptions and risks include, among others, the ability of CIM to find suitable
investments for Urbana; fluctuations in the value of Urbana's investments;
changes in the market prices of securities in which Urbana has an interest;
risks related to fluctuations in market conditions and currencies, the risk that
certain exchanges may have restrictions on ownership and result in illiquid
investments; the concentration of Urbana's investments in the exchange industry
and among certain geographic regions or countries; risks related to foreign
government policies, political or social instability and foreign withholding
taxes; the risk that the offering may not be completed or if completed, will be
completed on terms otherwise than as contemplated herein; the risk that certain
exchanges may have restrictions on ownership and result in illiquid investments;
the concentration of Urbana's investments in the exchange industry and among
certain geographic regions or countries; risks related to foreign government
policies, political or social instability and foreign withholding taxes; the
reliance on and discretion of CIM in making investment decisions; the
potentially high rate of portfolio turnover; risks related to the effect of
consolidation on Urbana's competitive position; reliance on key personnel of
Urbana and CIM; conflicts of interest between Urbana, CIM and other funds and
portfolios managed by CIM; 

the possibility of termination of the investment management agreement between
Urbana and CIM; the effect of alternative trading systems on exchanges in which
Urbana has an interest; risks related to the fact that the Non-Voting Class A
Shares may trade at a discount to the net asset value per share; risks related
to the use of leverage and short-term margin borrowings; the absence of a prior
public market for the Warrants; the potential decrease in the market price of
Non-Voting Class A Shares and Warrants if Urbana issues additional securities;
risks related to short selling; the use of options; and risks related to legal
and tax matters and the regulatory environment, and other factors which are
discussed in the section entitled "Risk Factors" in the preliminary prospectus,
in other sections of the preliminary prospectus and in Urbana's Annual
Information Form under the heading "Risk Factors". Although the forward-looking
statements contained in this news release are based on what Urbana and CIM
believe are reasonable assumptions, should one or more of these risks or
uncertainties materialize, or should the assumptions underlying the
forward-looking statements prove incorrect, actual results may vary materially
from those described herein as intended, planned, anticipated, believed,
estimated or expected. Readers should not place undue reliance on forward-
looking statements. Unless required by applicable securities law, Urbana does
not intend, and does not assume any obligation, to update or revise these
forward-looking statements.